Gold prices peaked for the second consecutive day on Wednesday, touching Rs40,542 per 10 grams, up by Rs342, as the international bullion market crossed a record $1,500 per ounce.
The precious yellow metal also crossed Rs47,000 per tola (11.7 grams), rising by Rs400 to reach an all-time high of Rs47,300. The previous record was reached just a day earlier, when gold touched Rs40,200 per 10 grams and Rs46,900 per tola.
All Sindh Saraf Jewellers Association President Haroon Rashid Chand said that bullion prices would continue to rise this week as local market was following the international market.
“The international market is very volatile right now and most investors have their eye on gold as it is currently the best investment option,” said Chand. “Initial investors, who held onto significant amounts of gold since the beginning of this upward trend about two years ago, are multi-millionaires now.”
The precious yellow metal was valued at $1,504 an ounce in the international bullion market on Wednesday, up from $1,495 an ounce a day earlier. This was the fifth consecutive rise for gold in the international market.
Silver also touched lifetime high at Rs1,260 per 10 grams in the local market, while in the world market it surged to yet another 31-year high and fifth daily record in a row to $44.58 per ounce.
Published in The Express Tribune, April 21st, 2011.
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