Gold on Saturday surged to new record high of Rs 19542 per 10 grams at market closing, while per tola it reached Rs 22800, said traders. The yellow metal was now being traded at Rs 19542 per 10 grams at the time of market closing which was previously available at Rs 19414 per 10 grams during the last trading session on Friday. Similarly, per tola it also hit the new peak of Rs 22800 surging from Rs 22650.
In the world market gold surged to new high of $975 an ounce from $971 an ounce, registering four dollars rise. Traders said that Israeli gold traders were behind the rise of gold in the world, adding that they were purchasing the commodity in a huge volume.
About the sale of gold jewellery, Haroon Chand of All Sindh Sarraf & Jewellers Association said that about 15 percent rise in the sale has taken place because of marriages season in the country. However, generally people have been holding back their old jewellery and are not selling it after witnessing the rapid rise in gold prices both in the world and the local market, he said, and added that gold in Pakistan is being sold under-cost by Rs 200 per tola.