Gold rates go up in Pakistan

The gold rates in Pakistan increased Rs500 taking the cost of 24-karat gold to Rs241,700, ARY News reported on Friday. 

According to All Sindh Sarafa Jewellers Association, 10 grams of 24-karat gold price witnessed an increase of Rs429 and is being sold at Rs207,219.

These movements are closely linked to changes in the value of the US Dollar, indicating the close relationship between currency values and gold prices. This underscores the impact of global economic factors on local gold markets.

Internationally also, the gold price also witnessed an increase of seven dollars to reach 2342 dollars per ounce.

Read more: Gold rates witness drop in Pakistan

The recovery came after the release of weaker US growth data, which suggested inflation will remain contained and interest rates are more likely to come down.

As a non-yielding asset, the expectation of lower interest rates is a positive for Gold.