Gold price hits all-time high in international market

Gold price hits all-time high in international market
Lahore: Gold prices rocketed to a record high on Monday with $1,931 per ounce in the international market.

The metal surged more than one percent to $1,930.48 per ounce in Asian trade, with analysts predicting it could soon break $2,000.

With the disease showing no sign of letting up, traders have been flocking to gold, which is seen as a safe bet in times of crisis and uncertainty.

Vast monetary easing measures put in place by the Federal Reserve, pushing the dollar lower against most other currencies, have added to its attractiveness.

Demand for the commodity has also helped silver more than double in value from its March lows, up four percent Monday at $24.10 an ounce.

Gold is expected to maintain its uptrend as its price soared to Rs 123,800 in Pakistan with an increase of Rs 5,100 per tola in a single day.