Last Updated on: 2nd July 2023, 06:39 pm
The Price Of Gold Suddenly Rises To A Record High in Pakistan
Gold prices in Pakistani markets hit an all-time high in the last 24 hours after international interest rates regained some of last week’s bullish momentum as the US dollar fell in global markets.
On Tuesday, gold prices rose to around 1,150 rupees per tola in the domestic market, with average prices in the local market rising to 189,300 rupees per tola.
The price of 10 grams of gold also increased from Rs 986 to Rs 162,294.
Despite sky-high prices in local markets, gold was able to fall from a 9-month high on Tuesday on a slight decline in US bond yields globally, but the market was still supported by expectations of a slowdown in interest rates.
Spot gold is up 0.2% to $1,934.82 an ounce as of 9:40 p.m. after hitting a high of $1,934.82 yesterday. US gold futures closed 0.4% higher at $1,935.4.
Understandably, the dollar index fell 0.2% against its peers, making dollar-traded precious metals more affordable for many buyers, while talk of another Fed rate hike by the federal government added weight to the commodity.
Although gold is considered a hedge against economic measures such as currency and inflation, higher interest rates tend to dampen the attractiveness of non-yield gold bullion. In any case, the rare metal is still a worthwhile investment.