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Gold prices on Wednesday closed at Rs 39,850 per tola just Rs 100 below historic high after global market touched fresh peak of $1260 an ounce, traders said. Gold was available for Rs 39,650 per tola two days ago on the local market, which rose to Rs 39,850 with Rs 200 increase. Similarly, price of gold per 10-gram went up close to historic high, as it was tagged at Rs 34,157 up from Rs 33,900, traders added.
The previous historic highs were Rs 39,950 per tola and Rs 34,242 per 10-gram, according to All Sindh Sarraf and Jewellers Association. "Gold is being sold under-cost by Rs 250 per tola as compared to its prices of global markets," said a trader at Karachi bullion market. He said gold jewellery sales had plummeted to almost nothing in Ramazan, as on the contrary people continued to sell their old worn-out gold ornaments to fight soaring inflation. He said the flood affected people of interior parts of Sindh were also selling their gold jewellery to rebuild their damaged houses.

Copyright Business Recorder, 2010

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