Precious Metal: Gold prices hit new peak

KARACHI: Gold prices continued their spree upwards and hit a record high on Friday driven by global prices. Prices per tola (11.7 grams) of the precious metal rose to Rs53,650, toppling the previous record of Rs53,500 per tola was posted on Wednesday.

Gold prices have hit new peaks six times in the last 25 days on the back of surging global prices. Gold held firm in the international market on Friday after upbeat US labour market data soothed immediate fears of a recession, but longer-term uncertainty about economic growth and concerns about the euro zone debt crisis supported demand for the precious metal. Spot gold was bid at $1,658.79 an ounce, up by over 1%, by 1322 GMT, from $1,647.90 an ounce late in New York on Thursday when it hit a record high of $1,681.67.

Published in The Express Tribune, August 6^th, 2011.