KARACHI: Local gold price on Monday reached an all-time high of Rs68,200 per tola and Rs58,470 per 10 grams, after a jump of Rs50 per tola and Rs42 per 10 grams, respectively, owing to an increase of $3 per ounce to $1,324 in world market.

Since January 2018 till to date, one tola and 10 grams rate has swelled by Rs12,000 and Rs10,299, respectively, following a $20 per ounce jump in global yellow metal rate.

On Jan 1, 2018, All Sindh Sarafa Jewellers Association (ASSJA) had issued one tola and 10 grams rates at Rs56,200 and Rs48,171, respectively, based on world gold price of $1,304 per ounce.

ASSJA issues rates on the basis of rupee-dollar parity and fluctuations in rates of world market.

Gold import fell to 249kg ($9.7 million) in 7MFY19 from 317kg ($13m) in the same period last fiscal.

Jewellery exports dropped to $3.4m from $4.5m, figures of Pakistan Bureau of Statistics.

Published in Dawn, February 19th, 2019