Saturday, March 26, 2011
of wedding season there is virtually no buying of gold
k of wedding season there is virtually no buying of gold jewellery. The price of gold crossed its highest mark in history by reaching Rs31,300 per tola (
grams) on the 17th of this September. When the price of gold reached this level, people completely stopped buying and came in for selling, said Hanif Chand, a dealer of gold at the All Sindh Saaraf Association of Pakistan.
Due to increased rates, Pakistan is exporting instead of importing gold, he said. The yellow metal saw a sudden surge in prices at the start of this month during which the price rose about Rs2,000 per tola. This abrupt upward rush occurred due to bulk buying of gold by India from the international markets. India, which is one of the largest exporters and importers of gold, reportedly did the buying for the upcoming Diwali peak season. Gold brokers say that in the last one year gold has seen a vast increase in price in Pakistan. Last Ramazan gold stood at Rs2while this Ramazan its price rose to the unimaginable Rs31,300, marking a 33 per cent increase, said Chand. This rise occurred in the local market witho