The previous record was hit one and a half months ago on October 14, when the precious yellow metal touched Rs38,014 per 10 grams.
President of All Sindh Sarraf Jewellers Association Haroon Rashid Chand said that per tola (11.7 grams) price was up by Rs500 to Rs44,650. The previous record was Rs44,350.
In the world market, gold hit its highest in two and a half weeks on Wednesday on lasting European debt contagion fears, while other precious metals also reached multi-week peaks.
“Growing uncertainty over the containment of Europe’s debt problems and the further easing of regulations in China, against the backdrop of rising inflation, is supportive of further price gains in the medium to long term,” James Moore of FastMarkets said, thebulliondesk.com reported.
In addition, strong physical demand from consumers, investors and central banks is driving prices amid speculation over the possible phasing out of the euro and rumours of reintroduction of Deutsche mark by Germany, the website informed.
Published in The Express Tribune, December 2nd, 2010.
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