Gold prices climb yet again

Gold prices continue their upwards march as an increase sends the price to Rs37,457 per ten grams.

KARACHI: Gold prices continued their upwards march on Thursday as an increase of Rs300 sent the price of the commodity to Rs37,457 per ten grams. Similarly, the price of a tola (11.7 grams) of gold rose by Rs350 to end at Rs43,700.

The price of the precious metal has been rising steadily for a while now. It has registered a rise of Rs1,200 since the beginning of the month so far.

The President of All Sindh Sarraf Jewellers Association, Haroon Rashid Chand, said that the price of gold is expected to rise further. He said that both local and foreign investors are buying gold even though the market is relatively cold.

He blamed international gold rates for the rise in prices citing that foreign investors are still uncertain about the future of the global economy and prefer to buy precious commodities such as gold and silver instead.

The price of gold in the international bullion market rose from $1,350 to $1,357 per ounce, representing a 0.5 per cent increase.

Published in The Express Tribune, October 8^th, 2010.