Bullion cools ahead of US CPI, PPI data
Gold prices in Pakistan and global markets have declined as investors await upcoming US inflation data. Rising oil prices and expectations of a Federal Reserve rate hike have dampened the appeal of bullion.
Why it matters
Fluctuations in gold prices reflect broader market uncertainty and investor reactions to US monetary policy and global inflation trends.
--> Home Business Bullion cools ahead of US CPI, PPI data Slips Rs1,000/tola; rupee extends gains; yen hits 7-month high vs dollar
facebook --> twitter --> whatsup --> linkded --> email MORE (3) Messenger Whatsapp --> Bullion cools ahead of US CPI, PPI data KARACHI: Gold prices in Pakistan declined for a second consecutive session on Tuesday, tracking a softer international market where the metal inched lower as rising oil prices fuelled inflation concerns and strengthened expectations of a Federal Reserve rate hike later this month.
According to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association, the 24-karat gold fell Rs1,000 per tola to Rs462,136. Ten-gram gold was quoted at Rs396,207 after a drop of Rs857.
The local market has lost Rs3,400 per tola over two days. On Monday, gold had already declined Rs2,400 per tola. Silver moved in the opposite direction, rising Rs10 to Rs7,069 per tola.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in