Gold hits new record yet again

Price falls slightly shy of Rs40,000 per 10 gram mark.

KARACHI:

Gold prices hit a new high at Rs39,921 per 10 grams on Friday as international bullion rates also touched their lifetime best.

All Pakistan Supreme Council of Jewellers Association President Haroon Chand believes gold is likely cross the Rs40,000 per 10 grams mark in the coming week. He, however, maintained that local markets had remained unresponsive to the steep incline in gold values.

The per tola (11.7 grams) value of the precious metal stood at Rs46,575.

Gold previously peaked two days earlier on April 6, when prices touched Rs39,728 per 10 grams and Rs46,350 per tola.

In the international bullion market, gold rose to a new lifetime peak of $1,471.45 per ounce, before settling at $1,470 – $10.30 higher than the previous day.

Prices have moved up to another record as inflationary concerns and sovereign debt worries in Europe heightened demand for safe-haven investments, according to thebulliondesk.com.

Interest in bullion is also being kept afloat by geopolitical turmoil in Middle East and North Africa, spearheaded by military conflict in Libya.

Published in The Express Tribune, April 9^th,  2011.