Gold prices move mainly on US interest rates, the US dollar, inflation, central-bank buying, geopolitical risk, local currency exchange rates and seasonal jewellery demand.
Lower real interest rates and a weaker dollar usually lift gold. Central banks have been major buyers. Wars and financial stress increase safe-haven demand.
Local drivers
In Pakistan and India the exchange rate matters as much as spot: if the rupee weakens, local gold rises even when spot is flat. Wedding season and festivals (Eid, Diwali, Akshaya Tritiya) raise demand.