Following a considerable contribution from last week’s decline in the US Dollar on international markets, gold prices in Pakistani markets have reached a record high in the previous 24 hours.
The average price of gold in the local market increased to Rs. 190,900 per tola on Tuesday, up around Rs. 1,150 from the previous day. Also increasing by Rs. 986 to Rs. 163,666 was the price of a 10-gram gold bar.
Due to a modest decline in US bond rates on Tuesday, gold managed to dip from a 9-month high internationally despite a significant spike in local markets. Nevertheless, the market was still supported by predictions of slower interest rate increases.
At 9:40 PM, spot gold was up 0.2% to $1,934.82 per ounce after hitting a high of $1,934.82 earlier in the day. The price of gold futures in the US increased by 0.4 percent to $1,935.4.
Unsurprisingly, the dollar index dropped 0.2 percent in comparison to its rivals, making gold bars more accessible to purchasers while rumors of another US Federal Reserve interest rate rise gave the metal some more support.
Gold is still seen as a hedge against economic factors like inflation and currency, even though rising interest rates tend to diminish its appeal. In any case, it is still wise to buy rare metals.
