Heavy Gold Buying in Pakistan
Yahoo Finance
Friday, March 23 4:47 PM SGT
Pakistan's Gold Bullion Market Prices Soar
KARACHI, March 23 Asia Pulse - Gold prices on the local bullion market have risen by Rs82 (US$1.40) per 10 grams during the last two days, partly in line with the rising dollar and partly to increase in demand from other trading centres.
On Monday, gold price was quoted at Rs5,388 per 10 grams, while it soared to Rs5,470 on Wednesday and "its safe level could be above Rs5,500 if the current run-up of the dollar is not contained," claims a leading bullion trader.
Apart from an increase in international gold prices to well above US$270 an ounce, the other supporting factor behind the current price flare-up is pressure on supplies from across the border and also from Dubai through informal channels.
"The recently restored green channel facility could case the supply situation in the coming sessions, although much will depend on the willingness of returning Pakistanis from the Gulf," some others say.
The gold prices are following the trend of the dollar both in kerb and the inter-bank dealings, where it is showing persistent increase owing to a number of factors including reports of heavy bank buying.
PPI |
