Gold prices, rupee value drop slightly

Gold prices in Pakistan fell on Monday, mirroring a decline in the international market. The price of gold per tola in the local market dropped by Rs800, settling at Rs277,000. This follows a significant Rs5,000 drop per tola in the previous trading session. On the global front, gold prices fell by $8 per ounce, with the international rate standing at $2,658 per ounce, as reported by the All-Pakistan Gems and Jewellers Sarafa Association. Adnan Agar, Director at Interactive Commodities, analysed market trends and projected fluctuations in gold prices amidst global changes. He emphasised that the US Federal Reserve's upcoming policy announcement could significantly influence the direction of gold prices. With expectations of an interest rate cut, gold prices might experience further adjustments.