Gold prices continued their march upwards and hit a record high for the third straight day on Monday on the back of rising international markets.
Prices per tola (11.7 grams) of the precious metal rose to Rs54,850 from Saturday’s level of Rs53,500. While the price per 10 grams rose to Rs47,014 from previous record of Rs45,900.
Prices of the precious metal have hit new peaks eight times in the last 29 days on the back of surging global prices.
In the international market, gold vaulted above $1,700 an ounce for the first time on Monday, after the respective pledges by G7 and the European Central Bank to quell the turbulence in financial markets did nothing to put investors at ease. Spot gold was set for a second consecutive rally, up 2.5% from Friday at $1,704.19 an ounce by 1135GMT, having hit a record $1,715.01 earlier and having traded at all-time highs in sterling and euros.
Published in The Express Tribune, August 9th, 2011.