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Gold expert and dealer Hanif Chand said that the international bullion market had influenced the local market. Gold is likely to continue its longer-term uptrend on the back of demand for safe investments, he forecast.
Mohammad Khurram, another gold dealer, said that while a lot of people were selling gold there were only a few buyers. He pointed out that people now preferred to buy 12-carat gold over other varieties as it was comparatively affordable.
“More people are demanding 12-carat gold now, while previously 21-carat and 22-carat gold items were more popular. This is because, for example, a 1.5 gram 21/22 carat ring can cost anything between six to seven thousand rupees depending on its make and design, a 12-carat ring can be purchased for as low as Rs3,000,” he explained.
In the international bullion market, gold was priced at $1,273 an ounce – an all time high. The value is expected to cross the $1,300 mark in coming weeks, the bulliondesk.com reported.
Published in The Express Tribune, September 17th, 2010.
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