ISLAMABAD: Gold prices fell on Monday in the global market. The main reason for the decline in gold prices is being attributed to expectations of further interest rate hikes by the US Federal Reserve.
Spot gold prices fell 0.7 percent to $4,061.35 per ounce, while US gold futures fell 0.5 percent to $4,076.40 per ounce.
This is the fourth consecutive month this year that gold prices have fallen.
According to experts, investors are being cautious due to expectations of higher interest rates, as gold becomes relatively less attractive compared to other investments in such circumstances.
Analysts say that investors are now keeping an eye on the upcoming US employment data, as they can provide important clues about the US central bank’s future monetary policy.
According to experts, if inflation decreases, the US dollar weakens and global economic conditions improve in the future, the price of gold could return to high levels.
According to analysts, the situation in the Middle East, global trade tensions, gold purchases by central banks and US monetary policy will play an important role in determining gold prices in the next few weeks.
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