Gold hits all-time high

Published June 14, 2019
Domestic gold prices on Thursday hit an all-time high of Rs73,200 per tola and Rs62,757 per 10 grams. — AFP/File
Domestic gold prices on Thursday hit an all-time high of Rs73,200 per tola and Rs62,757 per 10 grams. — AFP/File

KARACHI: Despite one dollar per ounce rise in world gold price to $1,337, domestic gold prices on Thursday hit an all time high of Rs73,200 per tola and Rs62,757 per 10 grams, showing a jump of Rs600 and Rs514 respectively than the rates prevailing on Wednesday.

President All Sindh Saraf Jewellers Association (ASSJA) Haji Haroon Rasheed Chand said continuous rupee depreciation against the dollar has also been putting extra pressure in determining domestic gold prices.

He said jewellery sales were hit shrinking buying power of the consumers on account of rising food prices and other utility expenses.

“Gold is now selling under cost in Pakistan by Rs3,000 per tola than Dubai. Few people are taking risk to invest in gold,” he added.

Mohammad Sohail at Top Line Securities said, “Investment in gold is not coming in a big way. National Savings and Bank deposits are more attractive investment options owing to high returns.”

From January 1, 2019 till to date, one tola and 10 gram yellow metal prices have surged by Rs5,400 and Rs4,629 respectively, while world gold price in the same period swelled by $54 per ounce.

According to BIPL Research, gold prices advanced on Thursday as demand for the safe-haven metal rose on expectations of an interest rate cut by the US Federal Reserve following soft inflation data, and on escalating trade tensions between the world’s top two economies.

Spot gold was up 0.3 per cent at $1,336.45 per ounce and US gold futures were also 0.3pc higher, at $1,340.10 an ounce.

Published in Dawn, June 14th, 2019

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Kurram ‘roadmap’
Updated 25 Dec, 2024

Kurram ‘roadmap’

The state must provide ironclad guarantees that the local population will be protected from all forms of terrorism.
Snooping state
25 Dec, 2024

Snooping state

THE state’s attempts to pry into citizens’ internet activities continue apace. The latest in this regard is a...
A welcome first step
25 Dec, 2024

A welcome first step

THE commencement of a dialogue between the PTI and the coalition parties occupying the treasury benches in ...
High troop losses
Updated 24 Dec, 2024

High troop losses

Continuing terror attacks show that our counterterrorism measures need a revamp. Localised IBOs appear to be a sound and available option.
Energy conundrum
24 Dec, 2024

Energy conundrum

THE onset of cold weather in the country has brought with it a familiar woe: a severe shortage of piped gas for...
Positive cricket change
24 Dec, 2024

Positive cricket change

HEADING into their Champions Trophy title defence, Pakistan are hitting the right notes. Mohammad Rizwan’s charges...