KARACHI: Gold hit another historic high in the local market on Friday, reaching Rs33,850 per tola, up Rs350, on the back of escalating international gold market and weak US dollar.
Haroon Rasheed Chand, President of All Sindh Sarraf and Jewellers Association, said that the yellow metal would surge further in coming days, as China was continuously buying commodities especially gold and silver from the international markets.
The price of 10 grams of gold was up Rs300 at Rs29,014 in local markets while international rates gained $6 to reach $1,060 per ounce.
In spite of the fact that India had stopped buying gold from the international market as Dewali season had ended, China and other major players were still buying, Chand added.
Gold gives up gains: Gold turned lower in London on Friday, giving up gains that took it close to its record high, after better-than-expected US housing data lifted the dollar, Reuters adds.
A slide in oil prices of more than $1 a barrel also added some pressure to gold, dealers said.
Gold was bid at $1,058.70.20 an ounce at 1437 GMT, versus $1,060.00 late in New York on Thursday, having earlier touched a high of $1,067.30.
With jewellery demand weak as prices rise and buying of investment products like bullion-backed exchange-traded funds also soft, gold has failed to revisit last week’s record high despite the US dollar plumbing new lows.
