Pakistan Gold Prices Plummet Amid Rate Hike Bets

Gold prices in Pakistan plummeted on Monday due to a sharp reversal in international markets.

The decline of over 3% was triggered by increasing bets on a possible US interest rate hike, with Federal Reserve Chairman Kevin Warsh stating that there's 'more work to do' on bringing down inflation.

As a result, the dollar strengthened, weighing on gold prices. Spot gold dropped 2.9% to $4,567.23 an ounce, its lowest level since August 20.

In Pakistan, 24-carat gold fell Rs1,800 to Rs466,136 per tola, while ten-gram gold sold at Rs399,636, down Rs1,543.