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Tuesday, 4th May 2004 (6094 views)

Pakistani gold dealers have begun importing gold again with jewellers predicting imports to increase further by next week.<BR/><BR/>Dealers have forecast an increase in demand if gold prices remain low and claim the upcoming marriage season will boost sales further.<BR/><BR/>Haji Haroon Chand, president All Pakistan Supreme Council Jewellers Association (APSCJA) told the Daily Times: "Currently, the import of gold in Pakistan is around 10,000 tolas daily, which has resumed last week after a gap of about one month. Imports are likely to rise up to 17,000 tolas per day next week."<BR/><BR/>Gold prices at the Karachi market have dropped with 10 grams of 24 carat gold decreasing to R7,393 and at the international market gold fell to a one year low of $378,50 for 10 grams.<BR/><BR/>However local dealers are remaining cautious and not buying particularly big purchases in case of high fluctuation in international prices.<BR/><BR/>Pakistan imports gold from the Gulf region, with the majority coming from Dubai. Most consumers buy gold for decoration rather than as an investment, and Pakistan has a reputation for making traditional Mughal jewellery.

 

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