Gold prices fall by Rs2,100 in Pakistan ahead of federal reserve decision
Gold prices in Pakistan witnessed a sharp decline on Tuesday, reflecting the global trend of weakening bullion rates as investors awaited the US Federal Reserve’s monetary policy decision. According to data from the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola fell by Rs2,100 to Rs274,900, down from the previous day’s rate of Rs277,000.
| Gold Type | Current Price | Previous Price | Change |
|---|---|---|---|
| 24-Karat Gold (per tola) | Rs274,900 | Rs277,000 | -Rs2,100 |
| 10-gram 24-Karat Gold | Rs235,682 | Rs237,482 | -Rs1,800 |
| 10-gram 22-Karat Gold | Rs216,042 | Rs217,693 | -Rs1,651 |
| Per Tola Silver | Rs3,400 | Rs3,400 | No Change |
| 10-gram Silver | Rs2,914.95 | Rs2,914.95 | No Change |
| International Gold (per ounce) | $2,637 | $2,658 | -$21 |
Similarly, the price of 10-gram 24-karat gold dropped by Rs1,800, settling at Rs235,682, compared to Rs237,482 earlier. The rate for 10-gram 22-karat gold also saw a decline, moving to Rs216,042 from Rs217,693. In contrast, silver prices remained steady, with per tola silver priced at Rs3,400 and 10-gram silver unchanged at Rs2,914.95.
Also Read:
On the international front, gold prices fell by $21 to $2,637 per ounce (inclusive of a $20 premium), as global markets remained focused on the Federal Reserve’s final policy meeting of the year. The strengthening US dollar and rising Treasury yields put additional pressure on gold prices, with investors increasingly expecting a slower pace of interest rate cuts in 2025.
Interactive Commodities Director Adnan Agar explained that the upcoming US monetary policy decision, scheduled for Wednesday, remains a critical factor influencing gold trends worldwide. “The decision will have significant implications for the global financial system and is likely to impact the gold market,” Agar said. He further highlighted that gold prices were fluctuating within a range of $20 to $40 around the $2,640 mark, with trading activity generally slowing down in mid-December ahead of year-end holidays.
Meanwhile, the Pakistani rupee also faced slight pressure, depreciating by 0.04% against the US dollar in the inter-bank market. By the end of Tuesday’s trading, the local currency closed at 278.27, losing 10 paisa from the previous value of 278.17, as reported by the State Bank of Pakistan (SBP). On the global front, the US dollar maintained strength, hovering near its recent highs ahead of the Fed’s anticipated decision.
Additionally, Pakistan’s Real Effective Exchange Rate (REER) saw an increase, reaching 102.92 in November compared to 100.78 in October. This marked a month-on-month rise of 2.12% and a cumulative increase of 4.14% for the year, according to data from AHL. Despite this upward movement, Exchange Companies Association of Pakistan Chairman Zafar Paracha noted that REER was unlikely to cause any major shifts in the currency market. “The situation is being managed through administrative measures, and the dollar is expected to remain within a controlled range,” he said.
Read all the Breaking News Live on pakistantimes.com and Get Latest English News & Updates from Pakistan Times. Follow us on Whatsapp channel for more.
