Thursday, July 24, 2014 4:32

Gold Reaches Rs58000 per Tola Historic Mark

Posted by on Wednesday, August 17, 2011, 6:35
This news item was posted in Business category and has 0 Comments so far .

goldDomestic gold jumped to new peak on Tuesday trade as the investors have secured fresh positions ahead of a further commodity appreciation amid concerns the world economy and markets may not perform good in near future.

The price of 10-gram gold has shot surged by Rs859 to stay at Rs49,714, while its tola (11.6gms) is tagged at an all time high of Rs58,000 after witnessing an upsurge of Rs1000.

“The next destination of gold is Rs60,000 level,” said a senior bullion trader, adding that mounting uneasiness between Pak-US relationship besides United States and European debt woes are fuelling the demand of precious metals.

“I don’t see gold stopping before $1900 per ounce milestone,” said a commodity analyst, adding that depreciating dollar and fluctuating stocks have encouraged investors to make fresh investments in commodities.

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