Precious Metal: Gold prices hit another record high

KARACHI: Gold prices continued their upwards spree and hit a record high on Friday on the back of international prices. Prices per tola (11.7 grams) of the precious metal rose to Rs60,600 on Wednesday, toppling the previous record of Rs58,400 per tola posted in the preceding week. While prices per 10 grams silver have risen to Rs1092.85. Gold prices have hit 12 new peaks in the last two months on the back of surging global prices. Internationally, gold surged more than 1% to a record high above $1,850 an ounce on Friday, as investors reached for the safety of bullion amid a worsening economic outlook for the United States and concern about the health of Europe’s banks.

Published in The Express Tribune, August 20^th, 2011.