Dollar Surge Sends Gold Prices Plummeting in Pakistan
Gold prices in Pakistan plummeted on Wednesday due to hawkish signals from the US Federal Reserve, which strengthened expectations of further rate increases and pushed the dollar to a two-month high.
The price of gold per tola fell Rs1,800 to Rs453,936, while the price of 10-gram gold decreased Rs1,544 to Rs389,176, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association.
Internationally, spot gold fell 1.1% to $4,304.89 per ounce as of 1305 GMT, while US gold futures for December delivery declined 0.8% to $4,341.90, according to Reuters.
Richmond Fed President Tom Barkin said inflation was no longer limited to energy and tariff-related shocks, pointing to broader economic strength and consumer demand as sources of price pressure.