KARACHI: Gold prices continue to climb in local markets and hit fresh highs of Rs33,250 per tola on Wednesday. The price of yellow metal rose $2 to touch $1,066 per ounce in the international market.
Haroon Rasheed Chand, President Sindh All Sarraf and Jewellers Association, said that gold rates were going up as international markets touched new highs. The rate for 10 gram of gold increased by Rs215 to Rs28,500.
Gold steadies: Gold consolidated in London on Wednesday after hitting record highs earlier in the session, supported by persistent weakness in the dollar and strength in oil prices, which rose to $75, adds Reuters.
Analysts are concerned that the metal may have become overbought after prices rallied more than 6 per cent in the last month, peaking at $1,070.40 an ounce on Wednesday.
Spot gold was bid at $1,059.85 an ounce by 1454 GMT, against $1,063.35 late in New York on Tuesday.
“We basically have a situation here where all the precious metals, gold, silver, platinum and palladium, are in overbought territory, which is a little bit worrying,” said a senior manager at Saxo Bank.
