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Gold climbs to new peak of Rs54,850 a tola

09 August, 2011

KARACHI: Domestic gold broke all previous records on mammoth buying triggered by US credit rating and Eurozone`s debt woes, depreciating dollar, traders said on Monday.

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KARACHI: Domestic gold broke all previous records on mammoth buying triggered by US credit rating and Eurozone`s debt woes, depreciating dollar, traders said on Monday.

Prices of 10-gram gold at local market appreciated by Rs1,114 to set a new historic high of Rs 47,014, while its tola (11.6gms) prices have shot up by Rs1,300 to reach fresh peak of Rs54,850.

“The yellow metal (gold) is marching towards RS60,000 level swiftly,” said a local bullion trader, adding that rising concerns about top economies have forced investors to square their positions immediately.

Analysts say that the investors from equities` markets are also shifting to gold. “Nearly $5.4 trillion in global equity value has been erased since July 26 and now the investors are bagging gold.”

World`s top investment groups have recommended long-term positions in gold and foreseeing the rate beyond $1860 an ounce in next twelve months.

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