Karachi: Amid a price fall of three dollar per ounce in world market, local gold rates hit an all-time high of Rs70,300 per tola and Rs60,271 per 10-gram on Friday, showing a jump of Rs400 and Rs343 respectively from Thursday.

The previous record high was on Feb 27 when one-tola and 10-gram reached Rs70,000 and Rs60,014, respectively.

According to rates issued by the All Sindh Sarafa Jewellers Association, international yellow metal price plunged by $3 per ounce to $1,312 on Thursday.

Taking the Jan 1, 2018 price of one-tola and 10-gram at Rs56,200 and Rs48,171, domestic bullion prices have so far surged by Rs14,100 and Rs12,100 respectively.

According to BIPLS Research, gold extended losses on Friday, moving further away from a three-week peak hit in the previous session as appetite for riskier assets improved on upbeat US economic data, while the metal was still on path for a third straight weekly gain.

US data showed jobless benefit applications fell more than expected while mid-Atlantic factory activity rebounded.

According to figures of Pakistan Bureau of Statistics (PBS), gold import in 8MFY19 fell to 62 kilograms ($10.3 million) as compared to 326kgs ($13m) in same period last fiscal. Jewellery exports in the same period declined to $3.5m from $4.8m in 8MFY18.

Published in Dawn, March 23rd, 2019