Gold prices on Wednesday touched a new high of Rs 34,500 per tola following a record increase in international prices to $1091 an ounce, traders said. Gold recorded a rise of Rs 500 per tola in a single day trading to hit a new level of Rs 34,500, up from Rs 34,000. The price of 10 gram gold also surged to new high of Rs 29571, up by Rs 403 from Rs 29168.
On the global market, gold reached $1091 an ounce, up from $1058, according to President of All Sindh Sarraf and Jewellers Association, Haroon Chand. He said: "The global buying of gold has increased which drove its price to new high on the local and global markets."
He said that India''s purchasing of 200 tons of gold from IMF is believed to be a chief factor behind fresh gold price surge globally. He expressed fear over the diminishing purchasing power of the people, which has scaled down the gold jewellery sales to a mere 30 percent despite the countrywide marriage season. "Gold is cheaper by Rs 700 per tola comparing to its value on the Dubai and Saudi Arabian markets," he said, adding that the traders are bearing gold under-cost sales.
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