Domestic gold prices have kept setting records as one-tola and 10-gram prices on Monday reached new highs of Rs174,900 and Rs149,948 respectively after rising by Rs2,200 and Rs1,886.
According to the All Sindh Saraf Jewellers Association (ASSJA) the price of gold on foreign markets had increased by $3 to $1,796 per ounce.
Since January 1 when rates were Rs126,200 per tola and Rs108,196 per 10 grams respectively gold prices have increased by Rs48,700 per tola and Rs41,752 per 10 grams even though the international price of the yellow metal was circling at $1,830 per ounce at the time.
Gold prices have been rising as a result of the US dollar’s lack of availability and the fact that its price was greater on the grey market than it was on the open market.
The market has seen a growth in the demand for pure gold and major investors were putting their money in the yellow metal because they believed it to be secure for their wealth.
If the same circumstances remained the price of gold per tola might rise to Rs200,000, gold sellers have feared.
During this period silver prices also increased reaching record highs of Rs2,020 per tola and Rs1,731.82 per 10 grams respectively after increases of Rs40 and Rs34.29.