Gold prices surge to record high

Yellow metal peaks 14 times in two and a half months.


Farhan Zaheer September 05, 2011

KARACHI: Gold prices jumped Rs2,800 to Rs62,300 per tola on Monday, reaching a new high on the back of skyrocketing international market, traders said.

Gold prices have hit 14 new peaks in the last two and a half months on the back of surging global prices. The yellow metal previously peaked at Rs61,500 per tola on August 22.

Gold price per 10 grams surged Rs2,400 to reach Rs53,400 in the local market.

All Sindh Sarafa Association Chairman Haji Haroon Chand said that sales in the local market had slowed down due to the bad security conditions in Karachi. The insecurity had badly hurt gold business in the commercial hub of the country, he said.

Traders expect sales to improve after Ramazan owing to the resumption of marriage season. Traders expect gold prices to reach new highs in the coming days on the back of international markets despite negligible business activities in the local market.

In the international market, spot gold touched a high of $1,902.70 on Monday.

Published in The Express Tribune, September 6th,  2011.

COMMENTS (7)

FARHAN | 9 years ago | Reply

This is not an article, its a news piece. You also mentioned that there were no sources in news stories, i beg to differ because right in the middle of news story the qoute of 'Mr Chand' is boldly mentioned.

Sometimes, the news stories are edited to get them fit in available space. This is how sometimes it misses some dimensions, but even after that the story should makes sense. Anyways, here, the sub-editor has made a sense out of the story.

As far as the difference in rates are concerned, the difference comes in commodity rates when traders give opening or closing rates of local markets at 4-8pm of that day. Which makes sense because for print media you cannot wait until international markets close in late night.

Hamza | 9 years ago | Reply

Do you not know the first thing about writing an article? Please put some sources in your articles. A lot of people take your word as it is, so it becomes your duty to ensure that we know what your sources are. Please take this as positive criticism. Also it would've been helpful if you updated this with the recent gold dip. (http://www.thestreet.com/story/11239392/1/panic-pushes-gold-prices-to-new-highs.html?cm_ven=GOOGLEN)

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