Silver is next best thing in Pakistan

          Silver jewelery sales in Pakistan gained momentum after higher gold prices along with higher tax levied on buying gold.
According to All Sindh Sarafa Association sale of silver items at jewelery shops soared to a new high and keen business in silver was also seen in select parts of the country.

Consumers are forced to buy silver as it is considered “the next best thing”, they said. Similar to big neighbor India, silver prices in Pakistan climb steeply at the beginning of the festive season and also during the wedding season.
The main reason behind this is that gold has climbed to such a level that people are forced to buy silver jewellery.
As the Pakistani market is more middle class oriented the escalating price of gold has made it difficult for them to use.
Gold ornaments have taken a serious hit in Pakistan as the prices in the last few years as have soared and jewellery buyers are either moving to silver or white gold or completely postponing their purchase”, analysts said.
They added that surging prices of precious metals may not create significant imbalances in the short term, as Pakistan central bank holds reserves worth hundreds of millions in gold as well as silver, the net effect of receipts and withdrawals is consistent.
Analysts point out that there is a lack of well-developed markets in Pakistan for alternative investments, while gold and silver are relatively liquid in local markets.- BULLIONSTREET