Gold hits record high in Pakistan
Monday, 28 June 2010
KARACHI, June 27 (Commodity News Center): Gold hit an all-time high of Rs 39,900 a tola (11.664 grams) Saturday amid uncertainty in the global financial market and depreciation of leading currencies including euro and dollar, dealers said.
Gold prices rose by Rs 200 against Fridays closing rate of 39,700. The yellow metal surpassed the previous record of Rs 39,800 per tola on June 19 when it was being traded at $1,261.90 an ounce in the international market.
The precious metal closed Rs 172 up at Rs 34,200 per ten grams.
Both instability in financial market and fall in the currency lifted the yellow metal to the record high, said President of All Sindh Saraf and Jewellers Association Alhaj Haroon Rashid Chand.
Gold could climb over Rs 40,000 a tola as it remains undervalued by about Rs 200-Rs 250 against the dollar.
Gold is the most common bestowal from devotees to their religious mentors as well as an essential part of dowry, he said.
Sale of old gold ornaments is falling day by day, he said. People are getting their old sets melted and remade into new jewellery for dowries.
Gold sales have dropped by 30 to 35 per cent in Karachi Sarrafa Bazaar. The investors are now more interested in the gold futures instead of physical gold. The upswing in global markets has added a new venture for investors, he said.
In the global market, spot gold was at $1,253.85 an ounce at 3:05 pm EDT (1905GMT), up from $1,244.05 an ounce late in New York Thursday.
The metal earlier hit a session high of $1,257.65 an ounce. US August futures settled up $10.30 at $1,256.20 an ounce.
Gold prices rose by Rs 200 against Fridays closing rate of 39,700. The yellow metal surpassed the previous record of Rs 39,800 per tola on June 19 when it was being traded at $1,261.90 an ounce in the international market.
The precious metal closed Rs 172 up at Rs 34,200 per ten grams.
Both instability in financial market and fall in the currency lifted the yellow metal to the record high, said President of All Sindh Saraf and Jewellers Association Alhaj Haroon Rashid Chand.
Gold could climb over Rs 40,000 a tola as it remains undervalued by about Rs 200-Rs 250 against the dollar.
Gold is the most common bestowal from devotees to their religious mentors as well as an essential part of dowry, he said.
Sale of old gold ornaments is falling day by day, he said. People are getting their old sets melted and remade into new jewellery for dowries.
Gold sales have dropped by 30 to 35 per cent in Karachi Sarrafa Bazaar. The investors are now more interested in the gold futures instead of physical gold. The upswing in global markets has added a new venture for investors, he said.
In the global market, spot gold was at $1,253.85 an ounce at 3:05 pm EDT (1905GMT), up from $1,244.05 an ounce late in New York Thursday.
The metal earlier hit a session high of $1,257.65 an ounce. US August futures settled up $10.30 at $1,256.20 an ounce.