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Snipped from dailytimes.com (Pakistan)

Gold prices set to cross Rs 8,000 mark

KARACHI: Local gold prices, hit another life high for the second time in as many months, here Tuesday rising to Rs 7,946 per 10 grams in the country after prices in the international market touched at $427 per ounce.

“There are expectations that gold prices will rise to cross Rs 8,000 mark due to uncertainty in the Middle East,” said Haji Farooq, a gold importer. Another reason behind the recent surge is declining value of the greenback against the euro, he added.

“Investors have been placing their funds in gold instead of currency and capital markets,” said Mr Farooq.

Traders said the Middle East situation usually sets the trend of investment in the international gold market, and added that currently investors are switching over to gold in preference over the capital market due to uncertainty in the Middle East.

Local gold prices rose 6.85 percent, from Rs 7,436 per 10 grams on December 1 to Rs 7,946 on January 4. Prices have increased by Rs 201 per 10 grams in the first week of January.

From The Hindu.

Business
Gold prices at record high of Rs 6,400
Mumbai, Jan. 6. (PTI): Gold prices zoomed up further to close at a historic high of Rs 6,400 per ten gram, while silver skyrocketed up by Rs 275 per kilo to end at yet another all-time high of Rs 9,880 per kilo on the bullion market today.

Attributing the steep rise in gold prices to firm global advices, dealers said in London, gold was fixed in the morning at $428 per ounce while in Asia, it had touched $425 per ounce, a level not seen since December 1988.

In Hong Kong, the yellow metal closed sharply firm at $424.20-424.70 per ounce as against the previous close of $417.20-417.70 per ounce.

In the local market, pure gold (99.9 purity) resumed firm at Rs 6,340 and continued to rise smartly on heavy stockists' demand, before closing at a new record level of Rs 6,400, showing a huge rally of Rs 130 over the previous close of Rs 6,270.

The same trend was seen in standard gold (99.5 purity) as well when the metal resumed firm at Rs 6,300 and shot up in line with pure gold and closed at an all-time high of Rs 6,360, showing a similar gain over yesterday's close of Rs 6,230.

Ready silver (.999 fineness) commenced strong at Rs 9,790 and shot up further on increased industrial and stockists' buying and closed at Rs 9,880, revealing a whopping Rs 275 rally over the last close of Rs 9,605.