Gold hits new high of Rs 40,600 per tola

Global gold value surge continues pushing gold prices to a new peak of Rs 40,600 per tola on the local market on Saturday, a trader said. Gold trading began today after one day of markets closure, (because the city mourned the assassination of an MQM leader - Dr Imran Farooq in London) with Rs 40,550 per tola and Rs 34,757 per 10-gram on the local market.
A rise of $1 an ounce in global gold price pushed gold price up by Rs 50 per tola to Rs 40, 600, traders said, adding the price of gold per 10 grams also embarked on a fresh high of Rs 34, 800. Global gold price was quoted 1273 dollars an ounce, trader said, adding gold is being sold at a discount of Rs 300 per tola on the local market as compared to its price in the international market. Silver prices remained unchanged at Rs 600 per tola and Rs 514.28 per 10 grams.