Gold price edged up over 0.7 percent on Wednesday after the International Monetary Fund (IMF) cut growth forecasts a day earlier, as a flight to safety amid intensifying stagflation fears offers support to the traditional safe-haven gold.
Gold in the international market was available at $1773.10 per ounce after gaining $12.10 at 1135 hours GMT.Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs97,300 after gaining Rs600. Gold in the local market was available at Rs96,700 per 10 grams on Tuesday.
The IMF in a report published via the World Economic Forum, announced that it revised its expectation for growth from 5.9 percent to 5.8 percent. —TLTP