GOLD MARKET – RISE AND FALL:

Gold was on the rise as it almost touched the mark of Rs25,000 for 10 grams and no let up. In the other part of world it is not the same. Particularly, it has become most profitable than other trading. The precious yellow metal hit an almost two-month high at Rs24,985 per 10 grams as international bullion markets gained momentum in the light of weakening US dollar. Gold stood at Rs24,171 earlier last week on Monday. However, it gained pace coming days and rose by Rs600 per tola to Rs29,000 and moved up a further Rs150 to Rs29,150 very next day. All-Pakistan Supreme Council of Jewellers Association President Haroon Rashid Chand said the local market was cold and unresponsive and international market trends were reflected only in terms of gold value and not trading. “Though international gold rates are rising due to strong buying, local dealers are waiting for gold prices to stabilise again.” He predicted the price rise would continue next week and said that Rs30,000 per tola barrier may be crossed. However, local gold rates yet continue to remain under cost by Rs600-700 compared to the Dubai bullion market, he further stated. In the international bullion market, gold was estimated at $979 an ounce, up by $6 on Saturday. The precious metal was seen as safe haven investment as the American dollar plunged to a five-month low against Euro. On the other hand, silver also witnessed more than nine-month high values at $15.39 an ounce in the international market due to the same reasons. The international prices consequently caused an immediate impact on the local silver rates as they were estimated at Rs342.85 per ten grams and touched Rs400 per tola mark on Saturday in Pakistan.-source The News.