Gold reaches new peak at Rs40,714
Jewellery goes beyond the reach of many customers.
KARACHI:
The skyrocketing international bullion market has pushed gold prices higher in the domestic market as the metal rose to a historic high for the third day in a row.
Gold was valued at Rs40,714 per 10 grams on Thursday, while per tola (11.7 grams) price was Rs47,500.
The precious yellow metal on Wednesday had hit the peak at Rs40,542 per 10 grams and Rs47,300 per tola. The local gold market has been on a constant attempt to keep up with the global market, which has climbed 3.7 per cent since last week.
All Sindh Saraf Jewellers Association President Haroon Rashid Chand said that prices in the domestic market were expected to climb further.
Gold markets are wearing a deserted look as majority customers find the yellow metal’s prices out of their purchasing power. Muhammad, a gold dealer, said that since the wedding season is about to start next month, women do visit the markets to look for gold items but return empty-handed after finding out the high price.
In the international bullion market, gold touched a record $1,508 an ounce on Thursday. The safe-haven precious metal has remained well supported on concerns over rising global inflation, continuing political upheaval in the Middle East and North Africa region and prospect of a worsening sovereign debt crisis in Europe, thebulliondesk.com informed.
Published in The Express Tribune, April 22nd, 2011.
The skyrocketing international bullion market has pushed gold prices higher in the domestic market as the metal rose to a historic high for the third day in a row.
Gold was valued at Rs40,714 per 10 grams on Thursday, while per tola (11.7 grams) price was Rs47,500.
The precious yellow metal on Wednesday had hit the peak at Rs40,542 per 10 grams and Rs47,300 per tola. The local gold market has been on a constant attempt to keep up with the global market, which has climbed 3.7 per cent since last week.
All Sindh Saraf Jewellers Association President Haroon Rashid Chand said that prices in the domestic market were expected to climb further.
Gold markets are wearing a deserted look as majority customers find the yellow metal’s prices out of their purchasing power. Muhammad, a gold dealer, said that since the wedding season is about to start next month, women do visit the markets to look for gold items but return empty-handed after finding out the high price.
In the international bullion market, gold touched a record $1,508 an ounce on Thursday. The safe-haven precious metal has remained well supported on concerns over rising global inflation, continuing political upheaval in the Middle East and North Africa region and prospect of a worsening sovereign debt crisis in Europe, thebulliondesk.com informed.
Published in The Express Tribune, April 22nd, 2011.