KARACHI (Web Desk) – Gold rate in Pakistan is likely to fall sharply after price at the global market declined substantially, slipping below $1300 per ounce on back on market expectation that the Federal Reserve might increase interest rate.
Gold price plunged by more than $32 per ounce, trading nearly $1277 per ounce which was lowest mark since June 2016 while the daily was the highest since December 2013.
The gold price at one stage in New York Mercantile stage was hovering around $1269 per ounce but once the market opened in Asia, investors placed fresh bids which lift the price of the yellow metal.
However, general consensus was that the price of gold might slip but much to depend upon the Federal Reserve decision to increase the interest rate.
On Tuesday, gold price in Pakistan dropped by Rs 350 to Rs 51400 per tola while price for 10 grams declined by Rs 300 to Rs 44057.