Gold prices continue to fall

ISLAMABAD: Gold prices continue to fall in Pakistan and the global market. According to the All Pakistan Sarafa Association, 24-carat gold per tola has become cheaper by Rs 2,500 to Rs 434,936, while the price of ten grams of gold has decreased by Rs 2,143 to Rs 372,887.

The price of silver per tola has decreased by Rs 120 to Rs 6,559, while gold has become cheaper by $ 25 in the international market to $ 4,125 per ounce.

Earlier, gold prices in the global market saw a slight decline on Tuesday, while investors are waiting for the release of the minutes of the US Federal Reserve’s June meeting, which are expected to provide important clues about the upcoming interest rate. Spot gold fell 0.6 percent to $4,138.32 an ounce, while U.S. gold futures for August delivery fell 0.4 percent to $4,149.90 an ounce.

According to market analysts, gold prices are currently under pressure due to uncertainty about the Fed’s future policy, with investors eager to know whether the U.S. central bank will raise interest rates in the coming months or maintain its current policy.

Expectations for an interest rate hike have eased somewhat after weak U.S. employment data last week, but the market is still pricing in a 56 percent chance of a rate hike in September.