Gold prices hit an all-time high in Pakistan, is this the time to invest?

Gold prices in Pakistani markets have reached an all-time high in the last 24 hours, as international rates regained some of last week’s strong momentum when the US Dollar fell in global markets.

Gold is being sold for Rs. 171125 per 10 grams, and the price of Gold reached Rs. 199600 per tola in Pakistan today.

Despite the price spike in local markets, gold fell from a 9-month high on Tuesday due to a modest decline in US bond yields, although the market was bolstered by prospects of slower interest rate hikes.

At 21:40 PM, spot gold was up 0.2 percent to $1,934.82 per ounce, having touched a high of $1,934.82 earlier in the day. In the United States, gold futures settled 0.4 percent higher at $1,935.4.

Consequently, the dollar index lost 0.2 percent versus its peers, making greenback-priced gold more affordable for many investors, while expectations of another interest rate hike by the US Federal Reserve added to the commodity’s appeal.

Although gold is viewed as a hedge against economic indicators such as currency and inflation, increasing interest rates tend to reduce the appeal of zero-yielding bullion. In any event, the rare metal is still a worthwhile investment.

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