Influenced by the current wave of soaring prices in the world market, the precious metal was quoted at Rs17,100 per 10 grams (Rs19,950 per tola) at the close of trading.
In the world market, the yellow metal scrambled to $874 per ounce or $26 higher from overnight rate of $858.10 per ounce.
Although there was no worth-mentioning demand in the domestic market for the precious metal, particularly when marriage season before the month of Muharram is also over and because Pakistanis traditionally do not invest in gold, gold prices moved to an all time high at Rs17,100 per 10 gram in the Karachi market. Elsewhere in the country, gold was quoted at Rs17,057 per 10 grams.
Al-Haj Haroon Rashid Chand, president, All-Sindh Sarafa and Jewellers’ Association, told Dawn that presently there was hardly any import of gold from the Middle East, but prices in the domestic market normally move in sympathy with the world gold prices.
Consequently, he said Tuesday’s surge in prices was just an adjustment with world market rates.
“This is the right time the government should allow free trade in gold as it will only help to generate jobs and help people to earn their bread and butter, particularly when there is a dire need for giving jobs to masses.”- Haroon Rashid Chand.