Gold prices likely to soar during wedding season


The gold prices in local markets are expected to surge further from next month as the wedding season in the country draws near, said market sources.
Market sources said that after a period of five months, local gold price on Sunday touched the figure of Rs 59,000 per tola following Rs.150 per tola increase in its price in the local market. Gold prices have been rising continuously in the international market as the United States and China are expected to lower the interest rates.
According to Pakistan Bureau of Statistics (PBS), the country’s gold import in last financial year of 2011-12 went up to $172 million as compared with the previous number of $110 million, whereas export of jewellery doubled from $403 million to $922 million.
The Bureau said gold imports in the first month (July) of the ongoing fiscal year stood at $11 million as compared to $14.5 million in the previous month.
The sources further said that the jewellery exports were recorded at $196 million in July this year as compared to $206 million in June. The exports stood at $80 million in July last year.