Gold price reaches new peak of Rs 32,405 per tola

[Naveed Yaseen]

RECORDER REPORT
KARACHI (October 08 2009): Gold price on Wednesday soared to a new peak of Rs 32,405 per tola going up by Rs 495 from the previous historic high of 31,900 per tola on the local market, traders said. Price of gold per 10 grams also climbed to a record high of Rs 27,685 per 10 grams from the previous record high of Rs 27,342, registering a rise of Rs 343.

On the world market, the price of precious metal was also quoted at historic high of 1,046.50 dollar an ounce mounting from the previous record high of 1,036 dollar an ounce, posting a rise of 10.5 dollar, traders added. They said the gold is being sold under cost on the local market by over Rs 500 per tola as compared to its prices on the Dubai gold market.

They added that the sales of gold jewellery have also plunged by 60 percent as only 40 percent the consumers are making orders for jewellery despite marriage seasons in the country. Silver is available for Rs 490 per tola up from Rs 485 while price of silver per 10 grams was quoted Rs 420 up from Rs 415.71 on the local market. Traders said that the silver world price was over 17 dollar an ounce.

They said that silver is also being sold under cost by Rs 500 per tola as compared to its prices on the Dubai silver market. They also held the increasing street crimes in markets responsible for the continued decline in gold and silver trade activities.

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