President of the Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance and Senior Vice Chairman of FPCCI’s Businessmen Panel Mian
Interest rate reduction by central banks to cope with the pandemic helped yellow metal regain lost ground and thehas prompted investors and masses to buy gold, he said in a statement issued here.
Mian Zahid Hussain said that actions like an interest rate cut, rescheduling or waiving off loans, stimulus packages and cash support to masses was not enough to deal with the virus which has prompted a global buying spree. He said the gold price has jumped by thirty percent since pandemic which indicates that businessmen are less interested in investment and more interested in saving their assets.
The business leader noted that the confidence in the dollar and other international currencies is at the lowest ebb however, Euro and Yen are still performing better than USD. He said that different governments are investing heavy amount for economic recovery which is impossible without printing money while the tensions between US and China is also resulting in panic which may or may not settle after US elections.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold price increases by record Rs 5,100 to Rs 123,800 per tola - 92 News HD PlusThe gold price witnessed a record increase of Rs5,100 per tola in a single day
Read more »
Gold price hits all-time high in Pakistan and across the globeThe gold prices continued to skyrocket and broke their own all-time record as the per-tola price of the glittering metal Monday reached Rs 123,800 with an
Read more »
Gold price hits all-time high in Pakistan and across the golbeThe gold prices continued to skyrocket and broke their own all-time record as the per-tola price of the glittering metal on Monday reached Rs 122,300 with an
Read more »
CM Buzdar directs to take steps for stability in flour, sugar pricesCM ordered to take legal action against those raising prices as per their wills.
Read more »
'Safe haven' gold has a rich 3,000-year historyGold struck a record high of $1,944.71 in Asian trading on Monday as traders piled into the
Read more »