Gold touches Rs79,200/tola

KARACHI: Domestic gold prices increased by Rs600/tola on Monday, bringing the total cost to Rs79,000/tola, while the London market traded gold at $1,408/ounce, up $8 per ounce from the last session.

All Sindh Saraf and Jewellers Association (ASSJA) announced gold price at Rs79,200/tola on Monday against Rs78,600/tola on Saturday. Local rates of 10 gram gold increased Rs514 to Rs67,901 compared to Rs67,387 in the previous session.

During the last 24 days, gold rates have increased by 12.18 percent to Rs79,200/tola from Rs70,600/tola on June 1, 2019. In the international market, gold prices increased by 7.81 percent to $1,408/ounce during this period from $1,306 per ounce on June 1, 2019. ASSJA President Haroon Chand told The News that prices of gold were increasing in the international market, and since rupee was not stable, people were moving towards buying gold.

He said that sales tax and other taxes were being imposed and increased on gold trade, which hindered trading activity in the market. Development analyst and head of Sustainable Development Policy Institute Dr Abid Qayum Suleri said, “Gradually gold value is going to be for the middle classes as precious as diamond.”