In Pakistan, the price of 24-carat gold fell by Rs600, bringing the rate down to Rs274,900 per tola. Similarly, the price for 10 grams of gold decreased by Rs515, now standing at Rs235,682.
On the international market, the price per ounce of gold declined by $6, setting the global price at $2,647.
Previously, gold prices in Pakistan had surged to a record high of Rs264,000 per tola, increasing by Rs2,300 in a single day, influenced by trends in the global market.
This spike was fueled by investor activity ahead of upcoming CPI inflation data. Internationally, gold saw a $23 per ounce rise, reaching $2,524, close to its previous peak.
Investors are expecting a slowdown in U.S. inflation, and along with weak August unemployment and job creation data, this could prompt a substantial interest rate cut by the U.S. Federal Reserve.
Meanwhile, the Pakistani rupee strengthened against the U.S. dollar, gaining Rs0.08 in the inter-bank market to close at Rs278.54.
In the open market, it improved by Rs0.10, settling at Rs280.85 per dollar. Speculation suggests that foreign investors have poured $27 million into Pakistan’s government debt securities, boosting foreign exchange reserves and supporting the rupee.
