Gold hits fresh peak
Further increase in prices expected.
KARACHI:
Gold prices rose by Rs214 to reach a fresh peak of Rs39,128 per 10 grams on the first day of the New Year as international bullion prices hit a three-week high a day earlier.
The precious yellow metal was valued at Rs45,650 per tola (11.7 grams), up by Rs250 over the previous day.
The fresh peak eclipsed the previous high of Rs39,064 per 10 grams and Rs45,575 per tola reached on December 7, 2010.
All Pakistan Supreme Council of Jewellers Association President Haroon Chand said gold prices are expected to rise further in coming days as both investors and general consumers were buying the metal. In the international bullion market, gold was priced at $1,421 an ounce. “Most traders expect gold to continue to move upwards on the back of investment demand with price dips still being well bought by the Chinese and Indians,” said Ted Arnold, an independent commodities expert.
In addition, safe-haven investment demand continues to be boosted by macroeconomic concerns in Europe, with economists predicting further bailout packages for eurozone countries. “The problems of the eurozone will certainly not go away. In fact, they should intensify next year and that is always good for gold,” Arnold was quoted as saying on the international commodities website FastMarkets.com.
Published in The Express Tribune, January 2nd, 2011.
Gold prices rose by Rs214 to reach a fresh peak of Rs39,128 per 10 grams on the first day of the New Year as international bullion prices hit a three-week high a day earlier.
The precious yellow metal was valued at Rs45,650 per tola (11.7 grams), up by Rs250 over the previous day.
The fresh peak eclipsed the previous high of Rs39,064 per 10 grams and Rs45,575 per tola reached on December 7, 2010.
All Pakistan Supreme Council of Jewellers Association President Haroon Chand said gold prices are expected to rise further in coming days as both investors and general consumers were buying the metal. In the international bullion market, gold was priced at $1,421 an ounce. “Most traders expect gold to continue to move upwards on the back of investment demand with price dips still being well bought by the Chinese and Indians,” said Ted Arnold, an independent commodities expert.
In addition, safe-haven investment demand continues to be boosted by macroeconomic concerns in Europe, with economists predicting further bailout packages for eurozone countries. “The problems of the eurozone will certainly not go away. In fact, they should intensify next year and that is always good for gold,” Arnold was quoted as saying on the international commodities website FastMarkets.com.
Published in The Express Tribune, January 2nd, 2011.