Sunday, May 18, 2008
KARACHI: Gold surged to Rs19,757 per 10 grams on Saturday, the highest in almost two months as oil hit fresh highs of $127.82 a barrel, leading to a boost in the demand for the yellow metal as a hedge against inflation.
Contrary to earlier predictions of experts of gold losing its charm, and lowering it to the Rs17,000 per 10 grams mark, the precious metal has reached its highest in two months, when on March 17 gold reached Rs20,657.
Hanif Chand, a dealer at Sarafa Bazaar informed The News that gold was priced at Rs23,050 per tola on Saturday, following a hike in international prices. He said that though investors had seemed to lose interest in the yellow metal, fluctuations in the international market led to gold continuing to remain a favorite option for investors.
In the international market, the precious metal stood at US$902.50 an ounce, as dollar fell for the first time in four sessions against the euro. Gold is still down 13 per cent from a record $1,033.90 an ounce on March 17, when oil and the euro set previous highs.
|
ISSN 1563-9479 
