business
Wednesday Jul 20, 2011
By
AFP

Gold hits record at Rs51,150 per tola

By
AFP
KARACHI: Gold prices raced to record high level at Rs51,150 per tola in the country, Geo News reported on Tuesday

President All Sindh Jewelers Association Haji Haroon Rashid told Geo News that owing to collapse of US economy, European countries, China and India are purchasing the precious yellow metal in large quantity resulting its price in the international market has reached record high at $1605 per ounce.

Gold is seen by investors as a safe-haven in times of global economic turmoil, with financial markets anxiously awaiting.

He said that soaring price of the gold has hit its price in the local market as a result the precious metal has reached Rs51,150 with an increase of Rs300 per tola.

Haji Haroon further said that gold prices could touch Rs55,000 per tola.