Gold up by Rs 857 per 10-gram last week



LAHORE: 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 The Post 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.

Abdul Majeed a gold jeweller explained that though local gold was not directly traded in the international markets, the directives were the same for the yellow metal all over the world.

On Monday, the price of precious metal was surged in local gold markets, while similar trend was seen in international gold markets after one holiday. The trading of 24-karat (10-grams) pure gold closed at Rs 18,690 per 10-gram as compared to last week's closing rates of Rs 18,518 per 10-gram registering a surge of Rs 172 per 10-gram.

Similarly, the price of 22-karat gold also increased by Rs 157 per 10-gram in the local markets and its rates closed at Rs 17,132 per 10-gram from last Saturday's closing rates of Rs 16,975 and the 21-karat closed at Rs 16,354 per 10-gram.

On Tuesday, the prices of yellow metal witnessed a surge of Rs 321 per 10-gram in the local gold markets and similar trend was observed in the international gold markets. The price of 24-karat pure gold increased by Rs 321 per 10-gram and closed at Rs 19,032 per 10-gram as compared to last day's closing rates of Rs 18,711 while 22-karat also showed the same trend and settled at Rs 17,446 per 10-gram in the local gold markets and the 21 karat closed at Rs 16,653 per 10-gram. The mid day trading rates of pure gold in international markets closed at $876.30 per ounce recording a surge of $24.3 per ounce.

On Wednesday, stability was seen in the rates of precious metal in the local gold markets. On the other hand, declining trend was observed in the rates of pure gold in the world gold market.

The price of 24-karat pure gold remained stable per 10-gram and closed at Rs 19,032 per 10-gram while 22-karat also showed the same trend and settled at Rs 17,446 per 10-gram in the local gold markets and the 21 karat closed at Rs 16,653 per 10-gram.

The mid day trading rates of pure gold in international markets closed at $870.50 per ounce recording a decline of $5.8 per ounce.

On Thursday, declining movement was observed in the rates of yellow metal in the local gold markets while the surging drive was seen in the international gold market.

The price of 24-karat pure gold declined by Rs 42 per 10-gram and closed at Rs 18,990 per 10-gram as compared to last day's closing rates of Rs 19,032 per 10-gram while 22-karat also showed the same trend and settled at Rs 17,407 per 10-gram in the local gold markets and the 21 karat closed at Rs 16,616 per 10-gram.

The mid day trading rates of pure gold in international market closed at $870.60 per ounce recording a surge of $0.10 per ounce.

On Friday, surging tendency continued in the rates of precious metal in both the local and international gold markets.

The price of 24-karat pure gold surged by Rs 557 per 10-gram and closed at Rs 1.9,547 per 10-gram as compared to last day's closing rates of Rs 18,990 per 10-gram while 22-karat also showed the same trend and settled at Rs 17,918 per 10-gram in the local gold markets and the 21 karat closed at Rs 17,103 per 10-gram.

The mid day trading rates of pure gold in international markets closed at $870.60 per ounce recording a surge of $16.6 per ounce.

On Saturday, stability was see in the rates of precious metal in the both local and the in the international gold markets.

The price of 24-karat pure gold remained stable per 10-gram and closed at Rs 19,547 per 10-gram while 22-karat also showed the same trend and settled at Rs 17,918 per 10-gram in the local gold markets and the 21 karat closed at Rs 17,103 10-gram.

The mid day trading rates of pure gold in international market also remained stable and closed at $870.60 per ounce.