Yellow metal up by Rs 857 per 10-gram last week

The yellow metal witnessed an increasing trend during the last week in international gold markets, which resulted in that the prices of precious metal surged in local gold markets.

The price of gold registered an increasing trend as the week opened with the price of 24-karat (10-gram) gold tezabi in the local gold markets at Rs 18,690 and closed on Saturday at Rs 19,547. Overall, gold tezabi (10 gram) increased by Rs 857 during the week

Muhammad Ahmad, President, Gold Art promotion Council Pakistan Jewellers Association told that gold was priced at Rs 23,550 per tola and yet it was under cost all over Asia and South Africa. The international prices of the precious metal continued to rise with increasing oil prices. Ahmed speculated that the gold value would rise further as the international markets remain volatile with fears of US recession and Pakistani trade remains to be influenced by the West.

Local dealers said that the purchase of gold jewellery was very low across the country as the commodity was becoming too dearer to be afforded even by the elite class. They said that earlier only the lower and middle class were affected by the rising yellow metal prices but now even well-established families were opting for artificial jewellery rather than gold especially for weddings and to be presented as gifts.