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Gold prices rise

A Pakistani man arranges jewelry as he waits for customers in his shop in Karachi. – AFP (File Photo)

KARACHI, Sept 22: Gold prices went up to Rs53,571 per 10 grams on Saturday, showing a rise of Rs429 from Thursday.

The new rate of one tola gold is now quoted at Rs62,500 after an increase of Rs500. Local rates jumped on rising gold prices in the world markets, registering a rise of $13 per ounce as compared to Friday’s rate. The world market rate is $1,773 per ounce.

According to Pakistan Bureau of Statistics (PBS), gold import in August 2012 fell to 146 kg ($7.7 million) as compared to 301 kg ($15 million) in August 2011.

However, gold import in July 2012 stood at 201 kg worth $11 million.

In July-August 2012, gold import stood at 347 kg ($18.8 million) as compared to 405 kg ($20.3 million) in the same period of last year.

Jewellery export in August 2012 rose to $144 million as compared to $52 million in August 2011 while it was $196 million in July 2012.

In July-August 2012, jewellery exports jumped by 156 per cent to $340 million as compared to $132 million in the corresponding period of 2011.