KARACHI: Gold prices continued to hit new high on Monday, but the soaring trend scaled back local sales by 90 percent amid record inflation, traders said.
Gold prices grew further by Rs 500, reach fresh all-time high of Rs 282,300 per tola and Rs 429 to Rs 242,027 per 10 grams, All Sindh Saraf Jewellers Association said.
On the global market, gold bullion reached also record high, trading at $ 2,726 per ounce, an increase of $ 5. Meanwhile, silver was selling at just over $ 34 per ounce.
The domestic silver prices remained steady at Rs 3150 per tola and Rs 2700.62 per 10 grams, the association added.
“The gold business shrank by 5 to 10 percent because of the rising cost,” spokesman for the association, Abdullah Razaq said, reacting to the customers shift to imitation jewellry, he said that its financial value is less than nothing on resales.
Copyright Business Recorder, 2024