Pakistan Gold Prices Slide Again Ahead of US Fed Rate Decision
Gold prices in Pakistan continued to slide for the second consecutive day on Wednesday, mirroring weakness in the global market ahead of the US Federal Reserve's monetary policy announcement.
The All-Pakistan Gems and Jewellers Sarafa Association reported a decline of Rs1,000 per tola in 24-karat gold price, bringing it down to Rs426,436. The price of 10 grams of gold also fell by Rs857 to Rs365,600.
The latest drop follows Tuesday's sharp decline of Rs4,300 per tola, indicating sustained pressure on the local bullion market.
Analysts pointed out that the Fed's interest rate decision later in the day will determine the near-term direction of gold prices. With a 68% probability of keeping interest rates unchanged and 32% chance of a 25-basis-point hike, investors are cautious about the Fed's outlook.