Forex
Pakistan Gold Prices Decline Amid Rising Oil Costs and Fed Rate Hike Expectations
Gold prices in Pakistan declined for a second consecutive day on Tuesday, following international market trends where the metal fell due to rising oil prices and expectations of a Federal Reserve rate hike. According to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association, 24-karat gold dropped Rs1,000 per tola to Rs462,136.
Ten-gram gold was quoted at Rs396,207 after a decrease of Rs857. In contrast, silver prices rose by Rs10 to Rs7,069 per tola.
The local market has lost Rs3,400 per tola over two days. Traders remained cautious ahead of the release of US data on inflation and producer price index, which will shape expectations for the Federal Reserve's September policy meeting.