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Gold soars to new peak of Rs38,000 tolaa - LahoreEstate - 11-26-2009 11:52 AM
KARACHI: The 10-gram gold price on the local bullion market touched record Rs32,572 on Wednesday in the backdrop of persistent increase in international price of the yellow metal. The one tola rate also hit a new peak of Rs38,000.
On Tuesday the gold was trading at Rs32,271 per 10-gram and Rs37,650 per tola (11.666 grams).
The international gold rate on Wednesday soared to an all-time high of $1,182 per ounce from $1,171 on Tuesday and it was expected the rising price trend may continue to persist amid sharp increase in demand by investors and central banks of some countries. Besides, dollar weakness had also lured many investors towards gold.
In Pakistan, the ongoing marriage season will pick up pace after Eidul Azha. Consumers who try to purchase gold jewellery on spot rather going for advance booking are the worst-hit in view of surging prices.
President All Karachi Saraf and Jewellers Group Haji Haroon Rashid Chand said that jewellery sales had dipped to 20-25 per cent these days as majority of the people could not afford high prices and prefer bringing old jewellery sets for remaking. ‘The demand of artificial jewellery is also rising across the country,’ he added.
After a gap of at least 12 months, he claimed that gold price in the country was Rs200 per tola higher than Dubai.
People have already become aware for investing in the yellow metal after losing hope in stocks, property, dollar and other investment avenues. People are buying gold bars as per their capacity, he said.
He added that press reports say China is exporting gold to Australia while many countries are in the process of buying gold from the IMF.
According to Federal Bureau of Statistics (FBS), country’s gold imports in July-October 2009 surged to 673 kg ($20 million) as compared to 363kgs ($11 million) in the same period of 2008.
Similarly, exports of jewellery during July-October 2009 surged by 221 per cent to $257 million as compared to just $80 million in the corresponding period of 2008.
This always gives an impression that consumption of gold in the country is rising in view of rising imports.
Chairman All Pakistan Gem Merchants and Jeweller Association (APGMJA) Saeed Mazhar Ali said that only exporters were importing gold and they had to export the same quantity within eight months after value addition otherwise the State Bank imposed penalty on them.
He claimed that many Hajis after completion of Haj also buy gold. He said that India, after buying 200 tons from IMF last month was planning to import more gold.
On investment scenario, he said those people who had lifted dollar after increase in its value against the rupee were now selling it and buying gold bars. The greenback was gaining strength against the rupee as compared to its falling value against foreign countries in the world market.
http://www.dawn.com/wps/wcm/connect/dawn-content-library/dawn/news/business/09-gold-soars-to-new-peak-of-rs32572--szh-03