Gold at Pakistan rupees 28,330/tola-Dollar remains strong vs rupee-17-Feb-09

* Reaches highest level of Rs 24,285/10 grams
By Moonis Ahmed

KARACHI: The prices of gold faced an upward trend making a new record level of Rs 24,285 per 10 grams, reflecting an increase of Rs 500 per 10 grams and by Rs 580 to Rs 28,330 per tola.

In the international market the yellow metal was also up by $22 to reach $966 an ounce as compared to $944 last day. Following the rising trend in its price the precious metal has surged by Rs 1,314 per 10 grams during the last 10 days, attracting a large number of investors.

President All-Pakistan Supreme Council of Jewellers Association, Alhaj Haroon Rashid Chand said after recent global recession most investors have turned up with their investments to this yellow metal and now this precious metal is regaining interest in the country with rising prices.

Haroon said that after collapsing of real state business all over the world and due to the increasing prices of commodity, investors are coming towards the yellow metal.

He said that many investors were hoping that gold would fall in value but on the contrary, the precious yellow metal’s continuous rise has investors thinking again and many may eventually return to gold trading, a practice that had been cold for several months.

“On the contrary, the frequent price hike is giving a negative impression to the consumers as being more expensive in value the gold is going out from the range of middle class man,” he said. Local bullion market has been showing an increasing trend in prices that is keeping the consumers away from the market and now despite the ongoing marriage season only 30-40 percent sale is being witnessed, he added.

“People who used to buy 22-20 carat gold, now are buying only 16-12 carat gold.” In a society where the disparity between rich and poor is on the rise, for middle class families about 80 percent of the total 20 million population of Karachi, a daughter’s marriage has become a big financial challenge and most of the people have changed their lavish lifestyles, he said. The rising cost of living due to inflation and other pressures of paying high utility bills leave most of them groaning.

Mrs Kamal, a mother of four children and school teacher said that there was a ritual of giving good quality and most expensive gold to our daughters in our family, but as the high level of inflation has broken the back of a common man, now we are compelled to give normal gold to our daughters,” she lamented.

The dollar continued its upward march against the national currency in the interbank market, dealers said on Tuesday.

The value of dollar once jumped by 30 paisas against the rupee and breached the Rs 80 mark, however it closed lower, they added. The dollar commenced the day’s trading at Rs 79.75 for buying, kept the national currency under pressure and closed at Rs 79.93 for buying and Rs 79.98 for selling. Therefore, the national currency incurred a loss of 18 paisas.

The European single currency continued its negative trend against the national currency as it started the day’s trading at Rs 101.85 for buying and after losing strength closed at Rs 100.98 for buying and Rs 101.18 for selling. Thus, the local currency incurred a gain of 87 paisas.

However, the British currency appreciated against the national currency, as the pound sterling kicked off the day’s trading at Rs 113.70 for buying and after witnessing gains closed at Rs 113.82 for buying and Rs 114.02 for selling. Thus, the rupee recorded a loss of 12 paisas.

Open Market: The dollar appreciated against the national currency, dealers said.

The dollar commenced the day’s trading at Rs 79.20 for buying and after gaining strength closed at Rs 79.40 for buying and Rs 80.40 for selling. Therefore, the local currency incurred a loss of 20 paisas.

The European single currency was down by Rs 1.04 against the national currency. The euro commenced the day’s trading at Rs 100.61 for buying and after witnessing losses closed at Rs 99.57 for buying and Rs 100.76 for selling.

Similarly, the British currency was also down against the national currency as the rupee recorded a gain of 75 paisas against it. The pound sterling started the day’s trading at Rs 112.46 for buying, showed negative trading and closed at Rs 111.71 for buying and Rs 113.04 for selling.

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