Pakistan Gold Prices Plummet by Rs3,800 as Global Rate Hits One-Month Low

Gold prices in Pakistan plummeted by Rs3,800 per tola on Monday, following the decline in international bullion markets. The price of gold fell to Rs453,336 per tola from Rs457,136 on Saturday, while the price of 10-gram gold decreased by Rs3,258 to Rs388,662.

The global rate hit a one-month low, with spot gold down 1.8% at $4,271.59 per ounce. US gold futures fell 2.2% to $4,311.20. The decline in gold prices was due to the rally in oil prices, which raised concerns over inflationary pressures.

Adnan Agar, Director at Interactive Commodities, believes that the Federal Reserve's decision on Wednesday will be crucial for gold prices. 'If the rate goes up but the tone is dovish, gold will bounce back,' he said. However, if the rate increases and the Fed chairman's tone is hawkish, gold could fall further.