Pakistan Gold Prices Plummet Rs1,000 Ahead of Fed Decision

Gold prices in Pakistan dropped by Rs1,000 to Rs426,436 per tola on Wednesday as global bullion weakened ahead of the US Federal Reserve's policy decision. The rupee meanwhile closed slightly stronger at 277.82 against the dollar.

The All-Pakistan Gems and Jewellers Sarafa Association reported that 10-gram gold was priced at Rs365,600 after a fall of Rs857. This latest drop came just a day after gold had slipped by Rs4,300 in the local market.

According to Interactive Commodities Director Adnan Agar, gold moved between $4,047 and $3,995 before hovering near $4,011. He noted that 'the market is waiting for the FOMC decision. It is being eagerly awaited and is very crucial.'