Pakistan Gold Prices Plummet as US Interest Rates Remain High
Gold prices in Pakistan have continued their downward trend, falling by Rs1,800 per tola to Rs455,736 on Tuesday, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 10-gram gold also declined by Rs1,543 to Rs390,720.
This decline comes as the precious metal weakened in international markets amid expectations that US interest rates could remain high for longer.
Gold had already lost Rs2,700 per tola on Monday, when the local price settled at Rs457,536.
In the international market, gold fell $18 to $4,332 per ounce, while spot gold was down 0.5 percent at $4,321.74 per ounce by 1213 GMT.
US Federal Reserve officials have pointed to the need for further rate increases to bring inflation under control, which can weigh on gold as it does not offer interest or other regular returns.