By Faryal Najeeb
KARACHI: Gold prices rose by Rs857 to Rs21,085 per 10 grams after two weeks of continuous downward spiral while international bullion markets soared after oil prices bounced despite fears of a global recession.
Gold dealers were dismayed by the unexpected hike as they were looking forward to further fall in the yellow metal which would help regain their lost customers. “This is most unexpected, as the hike is not of a mere hundred rupees but closer to a thousand rupees,” said one dealer at KDA market.
President All-Pakistan Supreme Council of Jewellers Association, Haroon Rashid Chand predicted the rise to be for a limited period of time, adding that local dealers had nothing to worry about.
He said that global markets continue to remain in turmoil and fears of recession have not died down as yet. Chand said that the international market was playing a betting game so far and therefore ups and downs were not unexpected in the bullion trade.
In the international bullion market, gold value hiked by US$36 to US$745 an ounce on Tuesday against US$709 an ounce just a day earlier.
The News, 29/10/2008