KARACHI: Gold prices fell in Pakistan on Monday, following a decline in international bullion markets as a stronger US dollar weighed on demand for the precious metal. Investors also remained cautious ahead of key US inflation data that could shape expectations regarding the Federal Reserve’s interest rate policy.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold dropped by Rs2,100 per tola to Rs439,936.
The price of 24-karat gold per 10 grams also decreased by Rs1,800 to Rs377,174. Meanwhile, 22-karat gold fell by Rs1,650 per 10 grams to Rs345,755.
In the international market, gold prices declined by $21 per ounce to settle at $4,174, according to the association.
Silver prices also moved lower in the domestic market. The price of silver per tola dropped by Rs23 to Rs6,532, while the rate for 10 grams decreased by Rs19 to Rs5,600.
Market participants are keeping a close watch on movements in the US dollar and upcoming inflation figures for indications of the Federal Reserve’s future policy direction.
