Gold climbs to Rs 23,250 per tola

[Naveed Yaseen]

KARACHI (June 08 2008): Gold price on Saturday surged to Rs 23,250 per tola from Rs 23,000 following the rise in world prices of the commodity to $902 an ounce, traders said. With the recent surge, the yellow metal is now available at Rs 19,928 per 10 grams from Rs 19714 per 10 grams in the local market, recording a rise of Rs 214.

In the world market, oil rise spurs the price of precious metal by $18 an ounce. Gold prices have been quoted from a price quotation list of a local gold market, issued daily. Traders said that gold jewellery sales have almost come to a standstill due to soaring inflation, crimes in the city and power load shedding. Daylight plunders of markets and abduction of gold traders for ransom are increasing despite government's recurrent assurances, they lamented.

"A local traders has been abducted and is still captive, while a trader, Shaikh Aslam was lately abducted and later killed by people who demanded ransom for his release," they said. "In such a situation, who will come out for trade in the city," they expressed concerns, adding that the government had completely failed to ensure security in markets. They depicted a bleak picture of security in the city, saying no trader or foreign investor is ready to put money in local markets due to insecurity.

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