Gold prices on Friday surged to Rs 59, 000 per tola on the local market posting a huge increase of Rs 2,000 in a single day trading, traders said. The price of gold per 10-gram reached Rs 50, 571 up by Rs 1714. On the international market, the yellow metal price was quoted $1785 an ounce up by $74, traders added.
In Lahore, the gold prices rose by Rs 3,200 per tola in the Sarrafa market (Gold Market) on Friday after Thursday's steep fall of Rs 6,000 per tola amid fluctuation of gold prices on the international market. President Pakistan Gold Art Promotion Council, Mohammad Ahmad told Business Recorder that gold prices on the local market had fallen from Rs 62,500 to Rs 56,300 on Thursday after prices of the precious metal tumbled from $1911 per ounce to $1702 per ounce on the international market.
Ahmad said that since the gold prices recovered about $80 per ounce from $200 per ounce the gold was sold at Rs 59,500 per tola in the Lahore Sarrafa Market on Friday. He said that there was a slump in sale of gold ornaments in the local Sarrafa market owing to holy month of Ramazan and high prices of gold.
The gold traders are waiting for start of the marriage season next month when parents buy gold jewellery for their marrying children. However, he said the artificial jewellery traders are doing a good business prior to Eid-ul-Fitr as women prefer artificial jewellery now a days due to deteriorating law and order situation and unchecked street crimes.
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