Gold has hit the new record peak of Rs 18857 per 10 grams following its historic upsurge to $944 an ounce in the world market, local traders said. "The US internal political heat is thought to be driving the yellow metal prices upward in the world market," they said, adding that rapid surge in the petroleum was also a contributing factor.
Gold is now being traded at Rs 18857 per 10 grams, which was available at Rs 18665 per 10 grams in the previous trading session, depicting a surge of Rs 192.
Per tola gold also rose to the historic high of Rs 22,000 from Rs 21775. From the world market perspective, gold rose to $944 an ounce from $926 an ounce, according to price-quotation list of All Sindh Sarraf & Jewellers Association.
Until the US presidential election is not held, rise in the gold and petroleum will continue in the world market, said Haroon Rasheed Chand, President of All Sindh Sarraf & Jewellers Association.
About the impact of recent gold price surge on the local market, he said that sale of gold and jewellery was 50 percent, however local investors were putting wealth in this sector. Gold in the local market is being sold under-cost by Rs 100 per tola, he added.