Gold prices hit yet another record high

Precious metal peaks for the fourth time this month after rise in international prices.

KARACHI:

Gold prices hit a record high on Tuesday, rising Rs172 to reach Rs40,200 per 10 grams, after international bullion rates peaked.

This is the fourth time gold prices have peaked in this  month; the previous peak was recorded on Saturday, when prices crossed the Rs40,000 mark for the first time to reach Rs40,028 per 10 grams. When measured in tola (11.7 grams), the precious metal was valued at Rs46,900 on Tuesday.

All Pakistan Supreme Council of Jewellers Association President Haroon Chand attributed the latest increase to the political crisis in the Middle East and said that prices were expected to continue rising.

In the international bullion market, gold was valued at $1,495 per ounce, up $8 over the previous record high.

Additionally, the yellow metal hit an intraday record of $1,500 per ounce during trade on Tuesday.

Published in The Express Tribune, April 20^th,  2011.