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Gold Prices at Apex

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Gold price on Tuesday touched historic high of Rs 30,500 per tola and Rs 26,142 per 10 grams following a continued surge in its world prices to $1005 an ounce from $993.50, traders said. Gold prices after staying firm at Rs 30,200 per tola and Rs 25,885 per 10 grams for three days, posted a rise of Rs 300 per tola and Rs 257 per 10 grams on the local market.

Surge of $11.5 an ounce in the international market gold price is said to have stirred the local market prices. Local traders see speculative buying of gold on the world market, after world investors found the US dollar is weakening against other developed economies which provided them with opportunity to sink capital in the precious metal trade.

"In Pakistan it is the first ever record increase in the gold prices to Rs 30,500 per tola and Rs 26,142 per 10 grams because of the yellow metal's global price crossed over $1,000 an ounce and weak Pak rupee value to the dollar," traders pointed out.

They said jewellery sale had plummeted to the lowest degree since rise in gold prices had began, adding people, however, started to sell their old worn-out jewellery to capitalise on the market upward trend. "Those people who have placed orders some 12 days ago for jewellery have benefited phenomenally. Now people are reluctant to place orders for gold jewellery," they said.

They said, "There are many standards on which gold is sold, and of them 12, 14, 18, 20, and 21 karats are common in Pakistan. Poor class of the society prefers getting jewellery made of 12 and 18 karats which have also big demand locally." Silver prices have reached Rs 442 per tola up from Rs 440 and Rs 381.42 per 10 grams up from Rs 377, while its global market price was quoted $16.2 an ounce. "China has also started silver buying," traders said.

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posted @ 12:44 PM,

1 Comments:

At September 9, 2009 at 2:34 PM, Anonymous Shirazi said...

Allah only knows where this is going to end?

 

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