KARACHI, June 4: Local gold price maintained its upward move, touching new peaks at Rs6,360 per 10 grams on Tuesday. The gold on Monday was sold at Rs6,348 per 10 grams.
The new price of 116.640 gram bar is now being quoted at Rs74,000 as compared to Rs72,880 on May 22.
International gold prices on Tuesday surged to $329 per ounce, showing a persistent rise due to Middle East crisis followed by border tension between Pakistan and India.
On May 13, global gold prices were $311 per ounce and in middle of April it was hovering between $304 and $305 per ounce.
Society Jewellers Welfare Association president Saeed Qureishi said investors and speculators had caused a stir in the world markets by making heavy safe haven purchases.
He did not agree that investors as well as general public plunged in the local markets to pile up gold bars amid looming war fear. He said only genuine buyers were in the markets, who had to fulfil a basic requirement of giving jewellery sets to their daughters to complete the formality of dowry.
Leading importers had suspended gold imports for the last 15 days due to instability in prices.
Agencies add: Gold hovered near $330 an ounce in slow trading in Europe on Tuesday after a sharp rise in Asia took the metal to highs last seen in October 1999. Volume was thin with London markets closed for a holiday.
Hong Kong gold prices closed higher at $329.25-329.75 an ounce, against the previous day’s closing rate of $326.70-327.20.
Yen-based gold futures jumped on Tuesday in line with a sharp gain in spot bullion prices during Asian trading hours due to a weaker dollar, falls in global stock markets and tension between India and Pakistan, analysts said.
Spot bullion hit $330.30/330.80 an ounce in late Asian trade, the highest for spot prices since October 1999 when they traded as high as $338. It was last quoted at $326.40/326.90 in New York. Last Friday, London’s morning fix was $327.25, its highest since October 16, 1997.
