KARACHI: Local gold price continued to break its previous historical record and on Friday it touched a new peak of Rs60,600 per tola, up by Rs2,200 as compared to Wednesday.
According to Hanif Chand of Karachi Sarafa Jewellers Group the 10 gram gold price went up by Rs1,885 to Rs51,942 on the back of rising international rate, which surged to $1,872 per ounce, up by $80 per ounce as compared to Wednesday.
Some slight declining trend was seen in global gold price last week on reports that Federal Reserves would keep the interest rate intact for two years.
From this week gold price has seen renewed interest from investors following reports that recession would grip the world economies, he added.
In Pakistan, he said, the gold jewellery sales has already been on the decline due to its surging prices as people are switching over to artificial jewellery.
However, every year upper income group people definitely purchase gold jewellery sets for the marriage season, which starts from second day of Eidul Fitr.
The continuous jump in gold prices has shattered hopes for many low income people who cannot now even think of purchasing low weight jewellery.
Hanif Chand said like other parts of the world, many businessmen and investors had already started investing in gold after losing hope in the currency, stocks and property.
For many international investors, the increase in gold price is a boon because they had lifted the yellow metal at price of $840 per ounce in December 2007.
He said local gold price would remain under pressure in case the international rates continue to hit the ceiling.
According to Federal Bureau of Statistics gold imports fell to 105 kg ($5 million) in July 2011 as compared to 125 kg ($6 million) in June 2011, while it was 311 kg ($9 million) in July 2010.
Export of jewellery in July 2011 recorded at $81 million as compared to $55 million in June 2010 while it was $26 million in July 2010.
Dear visitor, the comments section is undergoing an overhaul and will return soon.