KARACHI: Prices of the precious commodity rose in international markets owning to the instability in other asset classes, pushing gold prices to Rs107,250 per tola as prices jumped by Rs1,250 in the span of two days.
A correction in crypto currency can be cited as one of the reasons. Bitcoin, if used as a benchmark for crypto currencies fell from $58,000 last week to $45,000 earlier today after hitting a low of $43000.
Another reason behind the price of gold rising is the increase in US inflation as a result of the $9 trillion stimulus injection made.
As a result, the value of the dollar declined, making safe haven assets more lucrative as an investment.
