Second Straight Day: Gold prices hit new peak

Gold prices have hit new peaks seven times in the last 26 days on the back of high global prices.

KARACHI:

Gold prices continued their spree upwards and hit a record high on Saturday for the second straight day on the back of global prices.

Prices of 10 grams gold hit a record high of Rs45,900, however, prices per tola (11.7 grams) of the precious metal fell to Rs53,500 on Saturday from Friday’s record high of Rs53,650. Gold prices have hit new peaks seven times in the last 26 days. In other metals, silver prices stood at Rs1,071.42 per ten grams.

In the international market, prices had a wild and crazy day on Friday after being caught in a flood of selling Thursday as investors fled all assets, sending prices down $7.20 to $1,651.80, an ounce at the New York Mercantile Exchange.



Published in The Express Tribune, August 7^th, 2011.