Gold Drops Rs800/Tola as Fed Rate Hike Bets Persist, Rupee Gains

Gold in Pakistan dropped by Rs800 per tola, even as global markets saw some rebound. This decline is primarily driven by continued investor anticipation of further interest rate hikes by the US Federal Reserve, which tends to bolster the dollar and reduce gold's appeal. Simultaneously, the Pakistani Rupee recorded a marginal gain against the US dollar. The ongoing hawkish outlook from the Fed and a strengthening local currency could continue to influence domestic gold prices and the USD/PKR exchange rate.

بحوالہ / Source: tribune.com.pk