Gold prices touched a fresh peak of Rs40,757 per 10 grams on Friday, while per tola (11.7 grams) prices reached Rs47,550.
This was the fourth consecutive rise to the record high for the precious metal. Gold was valued at Rs40,714 per 10 grams on Thursday, while per tola price stood at Rs47,500.
Muhammad, a gold dealer at the KDA market of Karachi, said that rising gold prices was upsetting the traders as it affected their sales adversely. He said that rising prices also reduced their profits as they could not pass on the full increase to customers.
In the international bullion market, gold rates declined by $3 to $1,505 per ounce. Prices had earlier touched a new lifetime high of $1,509.60 an ounce.
Volumes are expected to be thin in the international market due to Easter holidays, which could result in prices responding erratically to any fresh news, according to analysts.
Published in The Express Tribune, April 23rd, 2011.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ