According to gold dealers the bullion price in Karachi recorded a rise of Rs 344 per ten grams to Rs 48,460 per ten grams. In per tola term, gold gained Rs 401 to stay at Rs 56,464 per tola.
Sustainability in gold prices was due to investment demand by strong investors and short supply fears.
The commodity would now target $1,220 an ounce on back of interest of the investors to allocate money to sectors that would make money, either in stocks or in bullion market.
The gold hedgers made some cautious deals while general buyers bought metal on dollar-rupee parity.
Goldsmiths and jewellery sector bought metal on cautious note while buying in domestic market remained dull on insignificant demand and liquidity issue.
Published in Daily Times, August 5th 2018.
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