17th November 2009
By Samia Saleem
KARACHI: Gold price scaled a fresh high on Tuesday to reach Rs36,150 per tola, marking an increase of Rs300 in a day.
The value of gold in the local markets is now Rs300 higher than Dubai. “This happened due to rising demand of gold in the country,” said Haji Haroon Chand, President of All Sindh Saaraf and Jewellers Association.
The precious metal jumped to Rs30,985 per 10 grams in the local markets, rising from Rs30,728 a day before.
As the value of the yellow metal mounts, it becomes more of a safe haven for investors attracting more bulk buyers.
With the given everyday rise in gold, it is expected to reach $1,200 per ounce in the international markets, which now stands at $1,132 per ounce.
Gold beats retreat in London: Gold fell in Europe on Tuesday, after the previous day’s rally to record highs, as the dollar recovered from a 15-month low, but analysts said the rising trend was still firmly in place, adds Reuters.
But while technical chart signals suggested the market looked overbought, analysts said the metal was still well supported above $1,130 an ounce.
Spot gold stood at $1,132.90 an ounce at 1553 GMT, against $1,139.05 late in New York on Monday. It touched a record high of $1,143.25 an ounce that session.
US gold futures for December delivery on the COMEX division of the New York Mercantile Exchange fell $4.70 to $1,134.50 an ounce.
“The uptrend is definitely firmly entrenched. $1,100 has proven to be a bit of a base,” said Ole Hansen, senior manager at Saxo Bank. “Technically, it’s very overbought, indicating a period of stable prices or a bit of a setback before it gathers strength to make new highs,” he added. The News