March 02, 2008	Sunday	Safar 23, 1429

KARACHI, March 1: The yellow metal made a new history on Saturday, hitting a record Rs19,500 for 10 grams from Rs19,400 on Friday owing to rising gold prices in the world market.

The 10-tola gold bar now costs Rs222,750 as compared to Rs224,000 two days back.

The world gold rate hit record $975 per ounce as compared to $964 per ounce on Monday.

President, All-Karachi Jewellers Group, Haji Haroon Rasheed Chand, stated that investors in the world markets have been lifting gold in huge quantities as they have shifted focus on gold after having lost hopes in currency and stock markets.

Dollar has been sliding against major currencies in the world markets. Besides, gold prices go up whenever crude prices move up.

He said that currently there had been only a 25 per cent business in gold jewellery sets, and after the start of the marriage season, there might be some buying, and gold jewellery business may surge to 50 per cent.

He said those who had booked jewellery sets much earlier might have some relief, but newcomers in the market for spot buying would definitely suffer.

Chand claimed that gold in Pakistan is cheaper by Rs200 per tola as compared to its prices in Dubai.

He said investors in the country have been active in lifting gold after they found a new avenue of investment after stock, currency and property.

Local gold prices had increased by Rs7,500 per tola since Ramazan, he said, adding “rising gold prices are forcing many people to purchase low weighted jewellery sets. Besides people are coming to convert their old gold ornaments into new ones after mixing.