Pakistan Gold Prices Plummet by Rs4,300 as Investors Await Fed Decision

Gold prices in Pakistan fell on Tuesday, following losses in the international market. The price of 24-carat gold dropped by Rs4,300 to Rs427,436 per tola, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association. Ten-gram gold was quoted at Rs366,457, down Rs3,687.

Silver also weakened, shedding Rs174 to Rs6,223 per tola. Internationally, spot gold declined 0.7% to $4,045.29 per ounce by 11:55 am EDT, while US gold futures for August delivery fell 0.8% to $4,045.20.

Interactive Commodities Director Adnan Agar noted that gold had retreated modestly, pointing to the upcoming US monetary policy announcement as a key event for the market. He said that while chances of a rate hike appeared slim, a hawkish tone from the Federal Open Market Committee could push gold lower.