Domestic gold prices continued their record-breaking spree as one-tola and 10-gram rates on Monday hit a fresh peak of Rs174,900 and Rs149,948 after adding Rs2,200 and Rs1,886 respectively.
All Sindh Saraf Jewellers Association (ASSJA) quoted a jump of $3 to $1,796 per ounce on the international markets.
Gold prices have risen by Rs48,700 per tola and Rs41,752 per 10 grams since Jan 1 when rates stood at Rs126,200 and Rs108,196, respectively, even when the international price of the yellow metal was hovering around $1,830 an ounce.
ASSJA President Haji Haroon Rasheed Chand told Dawn.com that the unavailability of the US dollar in the market, coupled with its price being higher in the grey market than the open market, was increasing gold prices.
“The demand for pure gold has increased in the market and big investors are investing their money in the yellow metal considering it to be safe for their wealth,” he said.
Chand added that if a similar situation persisted then the per tola price for gold could reach Rs200,000.
Meanwhile, silver prices also registered gains and rose to an all-time high of Rs2,020 per tola and Rs1,731.82 per 10 grams after an increase of Rs40 and Rs34.29, respectively.