Gold Prices Soar in Pakistan Ahead of US Federal Reserve Rate Decision

Gold prices in Pakistan saw a significant increase on Wednesday due to gains in the international market. The price of gold rose by Rs7,900 per tola to reach Rs457,236, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association.

The upward movement was largely driven by investors' anticipation of the US Federal Reserve's rate decision and guidance on monetary policy. Spot gold was up 1.4% at $4,350.48 per ounce as of 1557 GMT, while US gold futures for December delivery rose 1.4% to $4,393.40.

The Fed ultimately raised interest rates by a quarter of a percentage point to the 3.75%-4.00% range, citing the need to control inflation despite President Donald Trump's promises to lower prices.