The price of gold soared to Rs224,700 after gaining Rs2,600 in the local market on Thursday, according to All Sindh Sarafa Jewellers Association.

Similarly, 10 grammes of gold rate also increased by Rs2,230 to Rs192,644 in the domestic market.

The price of per tola and 10-gram silver remained constant at Rs2,750 and Rs2,357.68 respectively. The price of gold in the international market increased by $3 to $1,975 from $1,972, the association reported.

Gold hovered near a one-week high on Thursday as the dollar slipped on renewed expectations that an end to the Federal Reserve’s interest rate cycle was on the horizon, with focus on the ECB’s impending decision, Reuters reported.

Spot gold rose 0.2% to $1,975.36 per ounce by 0941 GMT, after earlier hitting its highest since July 20. US gold futures were up 0.3% at $1,975.70.

Gold benefited from a softer dollar as the Fed toned down its hawkish stance, but uncertainty around future rate increases left bullion a little vulnerable, said independent analyst Ross Norman.