Gold prices hit record high again

Published: August 18, 2011
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Gold prices have hit 11 new peaks in the last two months on the back of surging global prices.

Gold prices have hit 11 new peaks in the last two months on the back of surging global prices.

KARACHI: Gold prices continued their upwards spree and hit a record high on Wednesday on the back of international prices.

Prices per tola (11.7 grams) of the precious metal rose to Rs58,400 on Wednesday, toppling the previous record of Rs56,400 per tola posted in the preceding week. While prices per 10 grams silver have risen to Rs1,080.

Gold prices have hit 11 new peaks in the last two months on the back of surging global prices. In the international market, gold held steady near a record high on Wednesday after a Franco-German summit failed to convince investors that the eurozone debt crisis would be solved effectively. This supported the demand for bullion as a safe haven.

Spot gold was little changed at $1,787.80 an ounce by 0658 GMT. It was just 1.4 percent below the record high of $1,813 struck last week. US gold GCcv1 inched up 0.3 percent to $1,790.70.

The short-term gold technical outlook suggested that gold could pull back to $1,772 an ounce, said Reuters market analyst Wang Tao.

Published in The Express Tribune, August 18th, 2011.

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Reader Comments (4)

  • Aug 18, 2011 - 12:06PM

    Looks like the Dollar will be collapsing soon, Gold is on record highest against Dollar as well.

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  • mazeen
    Aug 18, 2011 - 4:36PM

    ;'( looks like ;'(
    there is no chance of my marriage

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  • John
    Aug 18, 2011 - 8:18PM

    Inflation adjusted price of gold should be around $2350 / ounce (31.1g). The price of gold is not only reflection of weakening dollar but also other major fiat currencies. By 2013 Dec the price rise of $2700 -3000 is likely and will begin to fall back a little once the interest rate is increased on discount window by US fed.

    But I suspect that retailing gold in ATM like kiosk which is beginning to catch up in Europe and in US as in Dubai will only increase the consumer demand which is hitherto confined to the east. The retail kiosks now bring the gold bullion access to the average consumer in the west thus increasing the demand.

    So gold price will continue to increase even after $3000 mark. The strong Indian rupee is no help either.

    Bought 10 ounces of gold over a period of time during the past two years at varying price range and I am glad I did.

    If any one contemplating buying gold buy physical gold and not shares or certificates of gold.

    Quantitative easing ( printing money ) is the name game in this deflationary and stagnant economy among all major economies and this will bound to create monetary inflation in two years.

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  • TANOLI.
    Aug 18, 2011 - 10:45PM

    What a beatifull rule of islam is for sugesting salary of labour its says labour should get
    salary equal to one tola of gold. so we make this rule there will be no povery left in this
    world.

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