Gold prices hit another peak

Precious metals hits new highs nine times in the last 30 days.

KARACHI: Gold prices continued their spree upwards and hit a record high on Tuesday, driven by global prices.

Prices per tola (11.7 grams) of the precious metal rose to Rs57,000 on Tuesday, toppling Monday’s record price of Rs54,850 per tola while the price per 10 grams rose to Rs48,875 compared to Monday’s Rs47,014 per 10 grams

Gold prices have hit new peaks nine times in the last 30 days on the back of surging global prices.

Early in the day when other markets were deepening losses, gold kept up its blistering rally staging its biggest three-day rally since late 2008 during the global financial crisis, as investor fears over the threat to the global economy from the European and US debt crises hit assets that are seen as higher risk.

Though spot prices retreated from highs as stock markets opened higher in the US, they remained up 1.4% on the day at $1,739.60 an ounce at 09:42 am EDT, having earlier peaked at $1,778.29.

Published in The Express Tribune, August 10^th, 2011.