Pakistan Gold rates
KARACHI: Pakistan gold prices touched new heights carrying forward prices to Rs 57,800 per tola; an increase of Rs 900 on Thursday driven by international gold prices which were recorded at $1,785 an ounce.
KARACHI: Pakistan gold prices touched new heights carrying forward prices to Rs 57,800 per tola; an increase of Rs 900 on Thursday driven by international gold prices which were recorded at $1,785 an ounce.
The prices of 10 grams gold climbed up to Rs 49,542 in all big cities of Pakistan on Thursday. On the other hand, silver price remained unmoved at Rs. 1,071.42 per 10 gram.
Gold prices are expected to continue upward trajectory on strong demand by India, China, and South Korea.
In International market, gold held steady on Thursday at $1,785 an ounce, hovering near a lifetime high of around $1,757 an ounce struck in the previous session, but further gains could be capped by a rebound in equities after the U.S. Federal Reserve's vow to keep rates near zero.
Stocks bounced in Asia after U.S. shares jumped on the Federal Reserve's unprecedented pledge to keep interest rates near zero for at least two years, although the move confirmed fears that the U.S. economy will remain weak for far longer than previously forecasted.
In Pakistan, gold climbed by 48 percent due to poor global economy outlook and inflationary pressure. Speculative buying in gold on back of prospects that certain countries' central banks would start buying the precious metal, traders urged. However, high gold prices reduce gold sale by 82 percent in seven months of 2011 in Pakistan, but after Eid, it is expected that demand would rise on start of wedding season.
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