Gold prices up by Rs2800 to hit new peak

Price of gold shot up to an all-time high on Monday as the per tola price touched Rs62,300. According to traders, the fresh hike depicts a single day record surge of Rs2,800 in the local market. They said the local prices of gold hit the historic level on the back of international gold prices that had enhanced by $102 to strike a fresh high of $1,896 an ounce.
“This spurred the yellow metal’s prices in the local market to a new peak of Rs53,400 per 10 grams, up by Rs2400,” said the traders at Sarafa Bazaar. Traders said that local gold prices were now moving in line with those in the international market. Furthermore, they informed that global investors were now rushing to the gold market, the single safe haven for them in the wake of an ingraining debt crisis of the west.