Gold hits new record at Rs 54,850 per tola

ISLAMABAD: Gold price reached record high in the country's history with 10-gram gold closing at Rs 47014, and a tola at Rs54,850.

All Sindh Jewellers Association president Haji Haroon Rasheed Chand talking to Geo News cited international gold price hitting over $1,700 an ounce Monday as the main reason behind the fueling of local gold price.

In one single day on Monday the price of 10-gram gold in local markets witnessed an increase of Rs1114 to hit new a record at Rs47014.

The price of gold struck a record high above $1,700 an ounce on Monday with dealers flocking to the safe haven metal as Asian stocks tumbled following Standard & Poor's downgrade of US debt.

The price of gold reached $1,704.30 an ounce in Hong Kong trade.