Ahmed Mukhtar Naqshbandi
ISLAMABAD: Gold prices witnessed a second time decrease in the last couple of days possibly because of the worries among the investors about possible hike in the interest rate by the State Bank of Pakistan (SBP) that may result in high inflation.
According to All-Pakistan Sarafa Gems and Jewelers Association the price of 24 carats of gold decreased by Rs1,000 per tola to settle at Rs 194,100 on Saturday, while that of 10 grams experienced a decrease of Rs858 to Rs166,409.
Investors predicts the central bank may increase the interest rates as early as this week as Pakistan facing pressure to keep its house in order before receiving $1 billion loan tranche from the IMF (International Monetary Fund).
Meanwhile, price of silver in the local market went down by Rs20 per tola and Rs17.15 per 10 grams to trade at Rs2,080 per tola and Rs1,783.26 per 10 grams, respectively.
Gold price in international market
In the international market, the gold price depreciated by $8 per ounce to settle at $1,810, its lowest in eight weeks, affected by a stable dollar as the market braced for more hike in the interest rate by the US Federal Reserve in the coming months.
