Karachi August 31 2022: According to Sindh Sarafa Jewelers Association, the price of gold per tola has decreased by Rs 1,500.
During last three days, price of gold decreased by Rs 8,000 per tola.
After this decrease, the price of gold per tola in the country has reached 1 lakh 39 thousand.
The price of 10 grams of gold decreased by Rs 1,286 and in three days its worth decreased by Rs 6,858 to Rs 1 lakh 19 thousand 170.
In the global market, the price of gold increased by 18 dollars to 1,715 dollars per ounce.
In the international market, Gold headed for a fifth straight monthly drop, the longest losing run in four years, as speeches by Federal Reserve officials indicate the central bank will keep monetary policy tight for some time.
The metal fell to a one-month low on Wednesday, extending a run of losses since a speech last week by Fed Chair Jerome Powell, which stressed the central bank’s commitment to reining in inflation. Gold is now down more than 6% in 2022, having come close to a record high when Russia’s invasion of Ukraine stoked demand for haven assets.
Other officials struck a similarly hawkish tone. New York Fed chief John Williams said Tuesday that interest rates probably need to advance above 3.5% at some point to contain price pressures. Separately, Richmond Fed President Thomas Barkin said the central bank will “do what it takes” to curb inflation.
