Gold price reach record high of Rs90,800
Rates in the gold market were revised twice on Saturday
January 05, 2020
KARACHI: Gold prices reached a record high of Rs90,800 on Saturday in the local market, reported The News.
According to the All Sindh Saraf Jewellers Association, in the first revision, bullion prices rose to Rs90,200/tola, while in the second revision the prices went up by another Rs600 to close the market at Rs90,800/ tola.
Rates in the gold market were revised twice on Saturday.
Similarly, the rate of 10 grams gold moved up Rs472 to Rs77,332, while in the second revision it further went up by Rs42 to close at Rs77,846.
In the international market, bullion rates rose $1 to $1,552/ounce.
Local jewelers claimed that prices in the local market remained Rs1,500/tola lower, compared with the rates in the Dubai gold market.
The jewelers added the fluctuations occurred heavily due to tensions between Iran and United Stated after a strike killed the top Iranian general Qasem Soleimani in Baghdad on Friday.
On Friday, the per tola price of 24 karat gold appreciated by Rs1,350 and was traded at Rs 89,650, as compared to Rs 88,300 on last trading day, according to Karachi Sarafa Association.
Likewise, the price of 10 gram gold witnessed an increase of Rs1,157 and was traded at Rs76,860 against the last closing of Rs75,703.
Originally published in The News
