Gold rises above Rs23,000 in Pakistan market-31-Jan-09

By Faryal Najeeb

KARACHI: Gold crossed the Rs23,000 barrier on Saturday reaching a three-month high as it rose by Rs257 to Rs23,142 per 10 grams. The yellow metal stood at Rs27,000 per tola owing to a steep price hike in the international bullion market.

Gold was priced at Rs22,885 per 10 grams just a day earlier. President All-Pakistan Supreme Council of Jewellers Association, Alhaj Haroon Rashid Chand said that markets are desolated as customers wait for the yellow metal prices to decline.

He added that it was unfortunate that the local market was affected due to the fluctuations in the global economy as the precious yellow metal had no related factors in the local economy which would cause such an impact on it.

Gold was valued at $928 an ounce on Saturday in the international bullion market after a more than two per cent hike in Europe to a three-month high, as investors once again sought the safe heaven investment of bullion from volatility in other assets. Bloomberg reported that oil gained as much as 4.8 percent, and gasoline reached an 11-week high creating an impact on the international bullion rates.

Source: The News

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