Gold price remained almost flat in the international market amid a stronger US dollar on Monday after gaining for seven days in a row.
Gold in the international market was available at $1,864.10 per ounce after shedding $2.10 at 1715 hours GMT .
Meanwhile, the price of 10 grams of yellow metal in Pakistan decreased to Rs104,900 with a decrease of Rs300. Gold in the local market was available at Rs105,200 per 10 grams on Saturday last. The relatively higher decrease in the gold price in the local market was due to appreciation of the Pakistani rupee against the US dollar.
According to experts, with inflation surging at a record-breaking pace across the world, it’s no surprise that gold has firmly positioned itself as one of the best performing asset classes of 2021. In the US, inflation is rising at its fastest pace in three decades.
In China and Japan, inflation is shattering records. While in many other economies, including the UK, Canada and Europe, inflation is nearing its highest level in almost two decades. —TLTP
