Gold scales new peak of Rs254,000 per tola

The $60 per ounce jump in the international gold price to $2,470 pushed the domestic rates for the yellow metal to an all-time high of Rs254,000 per tola and Rs217,764 per 10 grams. The previous peak was recorded in the third week of April at Rs252,000 per tola and Rs216,221 per 10 grams, respectively. The All Sindh Saraf Jew­ellers Association (ASSJA) said the 24-karat gold price surged by Rs4,600 per tola and Rs3,944 per 10 grams on Thursday, claiming that the yellow metal is cheaper in Dubai by Rs4,000 per tola. Pakistan Gem and Jew­ellers Traders and Exp­o­rters Association (PGJTEA) chairman Habib-ur-Rah­man said people are making investments in gold bars according to their income status, but most of the inv­estments are being made in 10-tola bars (biscuits), anticipating price hikes.