Price of gold and silver on Tuesday hit historic high of Rs 33,000 per tola and Rs 510 per tola, respectively on the local market following surge in their global prices, traders said. Gold was traded at Rs 33,000 per tola which was previously available for Rs 32,600, posting a rise of Rs 400 per tola. Similarly, gold 10-gram also surged to Rs 28285 and was available for Rs 27942 a day before on the local market.
The precious metal was quoted at all-time high on the global market, hitting a historic mark of $1064 an ounce up from $1053. Silver also hit record high of $18 an ounce, traders said. Silver price on the local market peaked to Rs 510 per tola from Rs 500, while price of silver 10-gram was quoted at Rs 437.14 from Rs 424.28 in a single day trading.
According to President All Pakistan Supreme Council of Jewellers Association Haji Haroon Chand, the weakening dollar has propelled the global investments in the precious metals like gold, platinum and silver besides oil. The historic surge in gold prices has caused to drop the sales of gold-made jewellery to mere 20 percent, he said, adding that "import of gold has come to zero due to which the local market has fallen short of the precious metal".