Huge gold buying on Saturday further pushed gold prices up to a new peak at 785 dollars per ounce. As a result, its price in local markets also broke all previous records touching Rs 15,300 per 10 grams.
"There are many factors contributing to the oil prices increase. However, Turkey and Kurd conflict, US harsh stance on Iran''s nuclear programme, and ongoing war mainly by US and Britain in Iraq has left Middle Eastern region in complete chaos," sources said.
They said, "Including some others, these two factors could be seen giving rise to gold prices internationally, and presently nobody knows to what extent these would continue to surge." Haroon Chand, President of Sindh Sarraf and Jewellers Association, said that the price of yellow metal could touch 800 dollars per ounce mark if the present momentum did not break in the world market.
"Trading of everything these days is linked to oil prices. They go up, and the rest are bound to follow. The same is the case of gold trading in the world market," he said, adding that China, Russia and Japan were continuously buying gold in huge quantities, resulting in it price hike," he said. He regretted the government''s policies on gold trading and termed them illogical and worthless.
He said that genuine traders had been kept deliberately out of the policy making process due to which country''s gold market could not attain the status of an industry and consumers continued to buy the commodity on higher rates.
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