Gold hits new peak
Gold prices surged to an all time high of Rs33,857 per 10 gram in Pakistan and $1,250 per ounce in the international market on Tuesday.
The increase marks a Rs815 increase over the past week. According to Haroon Chand of the Pakistan Jewelers Association the spike is the result the weak state of the global economy. Spot gold’s previous high was at $1,249.40 per ounce in May. “Price are expected to increase further,” Chand says. The next target for gold is $1,300 per ounce but some are predicting greater gains this year.
Rajesh Patel, head trader at financial betting firm Spread Company said “Gold rallied to a new all-time high this morning as worried investors continue to pile in to the precious metal.” According to Patel the market is seeing continued signs of stress and investors, novice to expert, are looking at gold now as a hedge against further turmoil.”Gold is viewed as a safe-haven investment in times of economic trouble,” he said.
The above article has been revised to reflect the following correction:
Correction:
The price of gold mentioned in the introduction is Rs33,857 per 10 gram and not per gram.
Published in the Express Tribune, June 9th, 2010.
The increase marks a Rs815 increase over the past week. According to Haroon Chand of the Pakistan Jewelers Association the spike is the result the weak state of the global economy. Spot gold’s previous high was at $1,249.40 per ounce in May. “Price are expected to increase further,” Chand says. The next target for gold is $1,300 per ounce but some are predicting greater gains this year.
Rajesh Patel, head trader at financial betting firm Spread Company said “Gold rallied to a new all-time high this morning as worried investors continue to pile in to the precious metal.” According to Patel the market is seeing continued signs of stress and investors, novice to expert, are looking at gold now as a hedge against further turmoil.”Gold is viewed as a safe-haven investment in times of economic trouble,” he said.
The above article has been revised to reflect the following correction:
Correction:
The price of gold mentioned in the introduction is Rs33,857 per 10 gram and not per gram.
Published in the Express Tribune, June 9th, 2010.