Recovery: Gold prices on the rebound

RAWALPINDI: Domestic consumers as well as the investors are still eager to purchase its bars and jewellary at relatively low rates after a 4% rise in gold prices, following prices dropping to its lowest ever Rs53,500 per tola last week. “A larger number of buyers are coming here to purchase gold since the price tumbled down to the lowest in two years”, said a shopkeeper at Sarafa Market, but expressed his concern over shortage of gold at the whole sale market. Because of large investors holding stocks hoping to get the price back to its previous higher levels. Last week gold prices hit its lowest mark in two years at $1,321 per ounce. According to international analysts, gold prices are expected to end 2013 at $1,450-1,550 per ounce, only partly recovering from a recent brutal selloff that shook investor confidence after 12 unbroken years of gains.

Published in The Express Tribune, April 25^th, 2013.

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