KARACHI, Sept 22: Gold prices have shot up by Rs168 per 10 grams in the local markets to close at Rs7,210 on Monday from Rs7,042 per 10 grams on September 18, as a result of rising international prices in the world markets.

“The gold price will remain under pressure till the rates in world markets are flying high,” World Gold Council Consultant in Pakistan, Syed Faisal Hashmi told Dawn.

He said currently the demand of gold was going down owing to higher prices and end of wedding season ahead of Ramazan.

The thin demand of gold consumption could be gauged from the import figures as yellow metal imports in 2002-03 stood at a meagre 22 tons. In 1997-98, gold imports were 50 tons. There has been no consistency in the gold imports for the last many years owing to uncertain price fluctuations in world markets.

He said gold in Pakistan was nowadays cheaper as compared to Dubai.