With the surge of Rs 111, gold price has gone up to the fresh historic peak of Rs 18,925 per 10 grams in the local market, after the commodity price in world market embraced record high level of $948.50 an ounce, traders said on Monday.
"Strong buying in the world market and energy crisis in the precious metal as African countries are the major factors driving the gold prices upward presently," they said. Gold in the local market is now being sold at Rs 18,925 per 10 grams, which was being traded at Rs 18,814 per 10 grams on Saturday, going up by Rs 111 per 10 grams. In addition, gold per tola price also hit the historic high of Rs 22,080 mounting from Rs 21,950.
In the world market, gold price rose to $948.50 an ounce from $945 an ounce, posting a rise of $3.5 an ounce, according to the price-quotation list of All Sindh Sarraf & Jewellers Association. The soaring gold prices have hit the jewellery sales badly in the local market, said Haroon Rasheed Chand, president, All Sindh Sarraf & Jewellers Association.
Expressing apprehension, he said that import of gold was not being made in a huge volume to meet the local market's demand, adding that gold was running short despite weak demand. He said the new Sindh government was being seen as an ultimate driver to spur the local market, which was presently sluggish. "The business-riendly political set-up is vital for the growth of market anywhere in the world," he added.