KARACHI: Domestic gold prices continued their record-breaking spree on Tuesday as one-tola and 10-gram rates hit an all-time high of 178,800 and Rs153,292 after gaining Rs3,900 and Rs3,344 respectively.
According to the All Sindh Sarafa Jewellers Association (ASSJA), the price of the yellow metal in the international market jumped to $1,808 after an increase of $12. Gold prices have risen by Rs52,800 per tola and Rs45,096 per 10 grams since Jan 1 when rates stood at Rs126,200 and Rs108,196 respectively.
Junaid Samiwala, vice president of ASSJA, told media that the surge in prices was because of a shortage of pure gold in the market. “Big groups are investing black money in gold for good profits.” He urged Finance Minister Ishaq Dar to initiate a crackdown against those hoarding the yellow metal.
“Gold prices have reached this point today because of speculators. Ideally, as per the dollar rate, gold rates in Pakistan should be Rs152,000 per tola,” Samiwala said, calling for strict action against “groups” controlling the rates. Meanwhile, the price of per tola silver also registered gains and rose to Rs2,050 after an increase of Rs20. Prices of 10-gram silver went up by Rs25.72 to Rs1,757.54.