Pakistan Gold Prices Fall Amid International Market Uptick
Gold prices in international markets rose following US inflation data that suggested lower expectations for an interest rate hike by the Federal Reserve this month. The spot gold price gained 0.5% to reach $4,175.19 per ounce, while US gold futures for December delivery increased by 0.4% to $4,204.80 per ounce.
Market analysts believe that a lower interest rate hike would be beneficial for the precious metal. However, the strong US dollar and high Treasury yields are limiting gold's ability to make larger gains. As a result, investors are now watching the US non-farm payrolls report for September for further clues about the Federal Reserve's next decision.
In Pakistan, gold prices moved in the opposite direction during local trading. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold fell by Rs3,000 per tola and stood at Rs438,636 per tola. The price of 10 grams of gold also dropped by Rs2,572.