Gold price, after reaching a record price of Rs 17,100 per 10 grams, further moved up to new peak price of Rs 17, 570 per 10 grams on Wednesday, as the price in the world market hit the fresh historic peak of 888 dollars an ounce, traders said on Wednesday.
According to traders, per tola price of the yellow metal also reached the fresh historic high price of Rs 20,500 as against Rs 19,950 in the local market a day earlier.
According to price list, issued by the All Sindh Saraf and Jewellers Association, the gold price in the world market came to 888 dollars an ounce, which was on Tuesday quoted at 874 dollars an ounce, posting a rise of 14 dollars. In the local market, its price jumped up to Rs 17,570 per 10 grams, surging up by Rs 470 in a single day trading, said the price list.
All Sindh Saraf and Jewellers Association President Haji Haroon Chand attributed the increase in the price in the world and local markets to huge speculative buying of gold. He said the soaring oil price, strong Euro against US dollar and huge buying of platinum and silver could be said as the primary factors, giving impetus to gold price.
He claimed in the local market, the gold was being sold under cost by Rs 500 per tola and Rs 400 per 10 grams. He anticipated that the world market would soon embrace the 900 dollars an ounce mark, keeping in view the current market position.
Chand ruled out any significant decline in the gold price in the world and local markets, indicating a slight decline in its prices, but altogether reversal of price to its previous stage was not possible.