The price of gold continued to rise on Monday, headed for its best monthly performance since July amid inflationary pressure, a weaker US dollar, and lower bond yields.
At 1240 GMT, gold in the international market was trading at $1,906.80 an ounce after gaining $2.30 an ounce in its value as compared to its closing value on Friday last.
Meanwhile, the price of 10 grams of yellow metal in Pakistan has reached Rs95,000 after gaining Rs300. The closing price of 10 grams gold was recorded at Rs94,700 on Friday last.
The analysts said that gold is pretty much drawing its strength from inflation fears and some inclination of the yields.
They said that the US dollar is staying weaker and gold bulls now have their eyes set at $2,000 an ounce.
Gold, which is often used as a hedge against inflation, has benefited from a recent rise in prices in the United States and Britain. —TLTP