Gold Price Hits Rs29657/10gm

KARACHI, Pakistan (Nida Siddiqui): Tuesday violated other domestic gold close to reaching a record 29,657 rupees per 10 grams.

10-The price of gold rose by Rs 215 to Rs gram 29.790, while Tola has become costlier by 255 rupees to remain at Rs 34.755.

The yellow metal (gold) is witnessing an upward trend, especially over the last three months on the back of dollar weakness and unloading of stock from the International Monetary Fund (IMF).

“International Monetary Fund (IMF) recently sold its 200 tonnes of gold reserves in India and still plans to get rid of more farms in the near future,” said one analyst.

Also, the growing pressure on U.S. dollar Forex is also giving players to switch to the commodity markets. “And the best market for investment is metal, these days,” said a local precious metals dealer.

Escalating oil prices are pushing gold to new highs, while the decision to convert foreign exchange reserves of some countries of dollars to gold and other hard currencies have also encouraged investors to the yellow metal.

Local merchants say that people are showing interest in gold coins, to save further depreciation.

“The lower rate of return offered by the savings of different systems and the weak dollar has increased gold sales,” said a jeweler.

Contrary to what the merchants say that rising gold prices drive sales have reached almost 50 percent admitted that they are not getting the number of customers, they did last year despite the wedding season .

Tags: Gold Price, hits, Rs29657/10gm