Halal Tamweel

Pakistan gold prices shoot up

KARACHI: Gold prices maintained its upward flight in major cities of Pakistan following the hike in international gold prices.

 

In Karachi, Gold prices recorded at Rs. 52,300 per tola with an increase of Rs. 100 The price of 10 grams gold also remained on higher side and recorded an increase of Rs. 86 by touching the level of Rs. 44,828 on first day of holy month of Ramazan.  

 

On the other hand, silver prices also remained higher at Rs. 1,071.14 per 10 gram.

 

The price of London gold 1500-fix hovers around $1637.75.

 

In International market, gold gained 1.3 percent on the day at $1,638.79, having touched all-time high of $1,640.39 earlier in the day, marking its ninth record this year ahead of the vote in the U.S. Senate later to enshrine the last-minute deal on raising the country's debt limit into law.

 

Gold rallied to its ninth record high this year on Tuesday, as growing fears about the spread of the European debt crisis and the increasingly gloomy outlook for the U.S. economy fed a broad investor push into perceived safe-haven assets.

 

South Korea's central bank said on Tuesday it bought 25 tons of gold between June and July to diversify its foreign reserves despite high prices, marking its first purchase in more than a decade and taking its total gold holdings to 39.4 tons.