KARACHI: Gold prices jumped Rs2,800 to Rs62,300 per tola on Monday, reaching a new high on the back of skyrocketing international market, traders said.
Gold prices have hit 14 new peaks in the last two and a half months on the back of surging global prices. The yellow metal previously peaked at Rs61,500 per tola on August 22.
Gold price per 10 grams surged Rs2,400 to reach Rs53,400 in the local market.
All Sindh Sarafa Association Chairman Haji Haroon Chand said that sales in the local market had slowed down due to the bad security conditions in Karachi. The insecurity had badly hurt gold business in the commercial hub of the country, he said.
Traders expect sales to improve after Ramazan owing to the resumption of marriage season. Traders expect gold prices to reach new highs in the coming days on the back of international markets despite negligible business activities in the local market.
In the international market, spot gold touched a high of $1,902.70 on Monday.
Published in The Express Tribune, September 6th, 2011.