Gold crosses Rs 34,000 per 10 gram

Bouncing back, gold prices on Friday crossed Rs 34,000 per 10-gram following global market surge reaching $1253 an ounce, traders here said. They said: "The prices of gold reached Rs 34,071 per 10 gram, up from Rs 33,900, and Rs 39,700 per tola, up from Rs 39,550, in a single day trading". Gold prices on the global market surged by $7 an ounce.
Local traders are selling gold jewellery under-cost by Rs 400 per tola, and sales of gold-made jewellery at the present is nothing, they added. "Once the under-cost selling of gold turns into over-cost selling, hopefully, the market will hit a fresh historic high of gold prices on the local market," traders said. They said the increase in gold prices was witnessed after a short while and there were expectations that the yellow metal prices may hit new highs, soon.