KARACHI: Gold price on Wednesday hit an all-time high of Rs90,000 and Rs77,160 per tola and per 10 grams up by Rs900 and Rs770 respectively.

The local prices were adjusted upward after international yellow metal prices soared $15 to $1,545 an ounce, said the All Sindh Saraf Jewellers Association (ASSJA).

On investment in gold in Pakistan, TopLine Securities Director Mohammad Sohail said some investment activity was seen at Pakistan Mercantile Exchange and Sarafa Bazaars but still people are more inclined towards high-yielding National Savings Certificate and bank deposits.

ASSJA President Haji Haroon Rashid Chand said local gold prices were fast getting out of reach of people owing to rising cost of living. However, he ruled out any big investment in gold due to uncertain rates.

As the gold market is already under pressure, the Federal Board of Revenue (FBR) has imposed 17.5 per cent sales tax on jewellers which is not acceptable at any cost, he said.

“We will go for country-wide shutdown of shops besides protest rallies if the FBR does not take back 17.5pc sales tax,” he said.

Published in Dawn, August 29th, 2019