Ten grams of 24-karat gold are currently being sold for Rs207,219, a rise of Rs429, according to the All Sindh Sarafa Jewellers Association.
As a result of the strong correlation between currency values and gold prices, these fluctuations are directly correlated with shifts in the US dollar’s value. This highlights the effect that factors pertaining to the global economy have on regional gold markets.
Gold prices increased by seven dollars internationally as well, to reach 2342 dollars per ounce.
After lower US growth statistics was released, the economy began to rebound, raising the likelihood that interest rates would drop and inflation would stay under control.
Expected lower interest rates are good news for gold since it is a non-yielding asset.
