KARACHI: The Rate of gold in Pakistan fell by a meagre Rs150 on Tuesday, bucking the global trend.
Gold prices fell by Rs150 to Rs116,500 per tola and rose by Rs129 to Rs100,866 per gram. On Monday, gold was priced at Rs117,800 a tola and Rs100,995 per ten gram.
During the October 27-30 timeframe, the precious metal lost almost Rs14,700 cumulatively, that the precious metal would gather momentum in the short future and climb new highs.
To shed light on domestic demand, the dealer said that despite a large drop of Rs14,000, the local market remained depressed owing to a lack of buying capacity.
According to the All Sindh Saraf Jewellers Association (ASSJA), gold rose $8 per ounce to roughly $1,792 in the international market before this week’s critical Federal Reserve meeting, which will concentrate on the central bank’s strategy to withdraw its current stimulus measures.
Gold, according to analysts, has remained range-bound for over five months. “Markets want a breath of fresh air, and this week’s Fed meeting may provide just that,” said Ole Hansen, head of commodities strategy at Saxo Bank in Copenhagen.
“We are now seeing the market pricing in a rate rise in May or June of next year, about a year earlier than the market anticipated just a few months ago, and that has been the latest hurdle for gold.”
It is worth noting that gold prices in Pakistan are around Rs2,000 cheaper than in the Dubai market.