Gold Prices Roar Back Above Rs4.60 Lac Mark in Pakistan
The price of gold in Pakistan has rebounded strongly after a steep decline in the previous session. On September 18, the per-tola rate rose by Rs6,900 to Rs460,336, surpassing the Rs4.60 lac mark. This rally was mirrored in global markets, where gold climbed $69 to $4,378 per ounce.
The latest surge in gold prices comes just a day after it took a sharp hit, with the per-tola rate falling Rs3,800 to Rs453,436 on Thursday. The volatility in the bullion market has been extraordinary in recent weeks, with prices fluctuating wildly.
International developments have added momentum to gold's rally. Reuters reported that oil prices eased and the US dollar weakened, while investors assessed the US Federal Reserve's recent interest-rate decision. Higher interest rates can weigh on gold because they make interest-bearing assets relatively more attractive.