KARACHI: Gold and silver prices declined in Pakistan on Thursday, September 10, in line with a drop in international bullion prices amid continued geopolitical uncertainty.
According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold fell by Rs600 per tola to Rs462,336.
The price of 10 grams of 24-karat gold decreased by Rs515 to Rs396,378, while 10 grams of 22-karat gold fell by Rs472 to Rs363,359.
In the international market, gold declined by $6 to $4,398 per ounce, the association said.
Meanwhile, silver prices also decreased, with the price per tola falling by Rs17 to Rs7,124. The price of 10 grams of silver declined by Rs15 to Rs6,107.
International silver prices fell by $0.17 to $66.45 per ounce.
Investors continued to monitor geopolitical developments in the Middle East, while markets also awaited key US inflation data for clues about the Federal Reserve’s interest-rate policy.
Gold is generally viewed as a safe-haven asset and tends to attract investors during periods of market uncertainty, economic weakness and expectations of lower interest rates.
Markets were awaiting US producer price index data due later on Thursday, followed by consumer price inflation data on Friday.
According to a Reuters poll, a majority of economists expect the Federal Reserve to keep interest rates unchanged at its September 15–16 meeting and for the rest of the year.
However, traders were pricing in about a 60% chance of a rate hike at the upcoming meeting, according to the CME FedWatch Tool.
