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Gold hits highest level of Rs 30,000/tola - Naveed Yaseen - 09-04-2009 04:29 AM
By Moonis Ahmed
KARACHI: Gold price has reached an all-time high level of Rs 30,000 per tola, reflecting an increase of Rs 650 per tola. This level is said to be the highest in the history of Pakistan.
Talking to Daily Times, President All Sindh Sarraf Jewellers Association Haji Haroon Chand said the surge in gold price has been occasioned by the dollar depreciation in the international market and large-scale purchase of gold by India. Also, per 10 grams price of gold has climbed up to Rs 25,714, manifesting a rise of Rs 532 per 10 grams, he informed.
Chand said price of an ounce of gold is at $983 with an addition of $27 and 50 cents in the international market. Since the last one-month, local gold prices have been showing an upward trend on back of surging world prices coupled with the changes in rupee-dollar exchange rate parity.
Bullion dealers said that when gold hit Rs 29,550 per tola in February the international price was hovering around $992 per ounce, and currently it was ruling at $983 and local gold rate touched Rs 30,000 reflecting that the rupee was continuously losing its value against the dollar. They said gold price movement would largely depend on the rupee's strength against the dollar and trend in international bullion markets.
The local demand for gold will pick up from the middle of Ramazan as the marriage season kicks off after Eidul Fitr, they said adding that currently gold buying had been slow but it would gain momentum from the middle of Ramazan when marriage-related gold buying would be at its peak.
According to an analyst, stock market had witnessed some improvement in terms of investment during the last few days, while investors had also shown interest in exchange market business after dollar started climbing against the rupee.
Chairman All Pakistan Gem Merchants and Jewellers Association Saeed Mazhar Ali said that the main investors in the gold were the market players, some stock market people and also people belonging to fund management.
"Investment in gold will rise when general public gets involved in the business as they do in National Savings, equities, currency etc. General public needs an open platform for investing in gold," he observed.
http://www.dailytimes.com.pk/default.asp?page=2009\09\04\story_4-9-2009_pg5_1