Sunday, January 02, 2011
By Gohar Ali KhanKARACHI: Gold climbed to a new high of Rs45,650 per tola (11.665 grams) on Saturday as the precious metal neared its highest level in the international market, whetting appetite for the metal, dealers said.
Gold skyrocketed by Rs250 to hit a record high of Rs45,650 per tola and by Rs214 to Rs39,128 per 10 grams, surpassing the previous record of Rs45,575 per tola and Rs39,064 per 10 grams on December 7. In the international market, spot gold rose by $8 to $1,421 per ounce.
Silver also rose by Rs20 to touch the highest level of Rs995 per tola and by Rs17.14 to Rs852.85 per 10 grams amid an increase in the world market, breaking the previous record of Rs975 per tola and Rs835.71 per 10 grams on October 7.
The yellow metal was on track for about 30 percent gain in 2010 in both local and international markets, while silver gained 80.56 percent, investors sought the white metal as an alternative to gold.
“A weaker dollar and global economic uncertainty helped the precious metal make another new record in both local and international markets,” said Haroon Rashid Chand, president of All Sindh Saraf and Jewellers Association.
However, traders and analysts expect gold to cross $1,500 per ounce in the world market and Rs50,000 per tola in the domestic market in 2011 on account of volatile currency and stock markets in the wake of Europe’s debt crisis and weaker the US economy.
Highlighting reasons about soaring costs of the yellow metal, he said the precious metal climbed the highest level in the local market due to factors, including runaway inflation, depreciating rupee against the US dollar, a host of new taxes, increasing unemployment, and deteriorating economic and political conditions of the country.
He predicted that bullion rates would edge up further, as China and India have been busy lifting gold in bulk, while Iran has been buying silver in tonnes from the international market.
Gold skyrocketed by Rs250 to hit a record high of Rs45,650 per tola and by Rs214 to Rs39,128 per 10 grams, surpassing the previous record of Rs45,575 per tola and Rs39,064 per 10 grams on December 7. In the international market, spot gold rose by $8 to $1,421 per ounce.
Silver also rose by Rs20 to touch the highest level of Rs995 per tola and by Rs17.14 to Rs852.85 per 10 grams amid an increase in the world market, breaking the previous record of Rs975 per tola and Rs835.71 per 10 grams on October 7.
The yellow metal was on track for about 30 percent gain in 2010 in both local and international markets, while silver gained 80.56 percent, investors sought the white metal as an alternative to gold.
“A weaker dollar and global economic uncertainty helped the precious metal make another new record in both local and international markets,” said Haroon Rashid Chand, president of All Sindh Saraf and Jewellers Association.
However, traders and analysts expect gold to cross $1,500 per ounce in the world market and Rs50,000 per tola in the domestic market in 2011 on account of volatile currency and stock markets in the wake of Europe’s debt crisis and weaker the US economy.
Highlighting reasons about soaring costs of the yellow metal, he said the precious metal climbed the highest level in the local market due to factors, including runaway inflation, depreciating rupee against the US dollar, a host of new taxes, increasing unemployment, and deteriorating economic and political conditions of the country.
He predicted that bullion rates would edge up further, as China and India have been busy lifting gold in bulk, while Iran has been buying silver in tonnes from the international market.
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