Gold prices continued their spree upwards and hit a record high on Wednesday driven by global prices.
Prices per tola (11.7 grams) of the precious metal rose to Rs53,500 on Wednesday, toppling the previous record of Rs51,300 per tola posted in the preceding week.
Gold prices have hit new peaks five times in the last 20 days on the back of surging global prices.
The local market was under further pressure due to the weakening rupee against the greenback, said expert. The rupee closed at 86.52/60 to the dollar, firmer than Monday’s close of 86.75/80 on Saturday. It hit a record low of 86.83 on Monday and banks were closed on Tuesday.
In the international market, Gold hit a record for a second straight day on Wednesday, driven by deepening fears over the spread of the European debt crisis and its impact on regional growth, while data showed a number of central banks bought gold in June.
Spot gold was last quoted at $1,665.65 an ounce, up 0.4 percent on Tuesday at 1125 GMT, having hit a record $1,672.65 earlier.
US gold futures were last up 1.5 percent at $1,669.50 an ounce.
Published in The Express Tribune, August 4th, 2011.