Thursday, December 03, 2009
By Samia Saleem
KARACHI: Gold on Wednesday took another leap of Rs400, reaching Rs38,800 per tola amid fears of a declining US economy.
As the US announced to increase its troops in Afghanistan, the yellow metal became the centre of investor attention attracting more demand and thus escalation in its price in international markets, said Haji Haroon Chand, President of All Sindh Saraf and Jewellers Association.
Being the most valued commodity and most sensitive metal at this time, any change in the policies of major world economies or bulk buying has a direct and immediate effect on the precious metal, said he.
In local markets, gold mounted to Rs33,257 per 10 grams, marking an increase of Rs343 from Tuesday.
With an increase in the demand of gold in local markets, its price is now higher by Rs200 in comparison to Dubai. "However, this is mainly because of the investor interest in gold whereas the local markets are still devoid of any regular customers and buyers," said Chand.
In international markets, gold escalated to a record $1,216 per ounce, an increase of $21 in a day.
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