Gold jumps Rs800 per tola despite falling world prices

Local gold association on Thursday gave a price shock to buyers by jacking up the domestic one-tola (24 kt) rate to a new all-time high of Rs261,800, up by Rs800 from Wednesday despite a drop in world gold rate by $8 per ounce to $2,504. All Sindh Sarraf and Jewellers Association (ASSJA) also jacked up the 10-gram (24 kt) rate by Rs686 to Rs222,451. The association on Wednesday also increased the local rates despite no rise in world gold rates. The association had been adjusting local rates based on the rupee-dollar parity even though the local currency had not significantly fluctuated against the US dollar for many months.