Gold price likely to fall sharply in Pakistan


ISLAMABAD, Oct 5 (APP): The decline in the glod prices in global market is likely to influence the local prices of the yellow metal in other countries including Pakistan.

The gold price dwindled to $1300 per ounce in the international market on back of expectation that the Federal Reserve might increase interest rate, a private news chanel reported.

Gold price plunged by more than $32 per ounce, trading nearly $1277 per ounce which was lowest mark since June 2016.

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. If the interest increased, majority funds would naturally be siphoned off to the precious metal trade, pulling its price back to normal.