islamabad
\nGold prices declined sharply in the local market on Monday, with the price of gold per tola falling by Rs12,800 following a major decrease in the international market.
\nIn the international bullion market, gold prices decreased by $128 per ounce, settling at $4,156 per ounce.
\nAccording to rates released by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola fell to Rs438,136, while the price of 10 grams of gold dropped by Rs10,973 to Rs375,631.
\nSilver prices also declined in the domestic market, with the price of silver per tola falling by Rs325 to Rs6,578. The price of 10 grams of silver decreased by Rs279 to Rs5,639.
\nGold fell 3% to touch its lowest \u200cin more than seven weeks, as higher oil prices stoked inflation fears, bolstering the case for elevated interest rates. Spot gold was down 3% at $4,156.45 per ounce, as of 0814 GMT, hitting \u200bits lowest since August 5. US gold futures for December delivery fell \u200b3.1% to $4,188.80.
\nThe dollar held firm, making greenback-priced bullion more expensive for holders of other currencies, while US Treasury yields extended gains.
\n\u201cHigher oil prices and \u200bthe increased probability of further US rate hikes being priced in by market participants \u200bare the main drivers behind gold\u2019s recent weakness,\u201d said UBS analyst Giovanni Staunovo.
\n\u201cThis backdrop could keep US real yields and the US dollar elevated, raising the opportunity cost of holding non-yielding \u200bgold and contributing to further near-term volatility in the precious metal.\u201d
\nBrent crude oil \u200brebounded after US President Donald Trump rejected a peace deal from Iran to resolve their conflict and \u200creopen the Strait of Hormuz, keeping tensions in the Middle East elevated. Rising energy costs tend to drive inflation higher by lifting prices across the economy.
\nTraders see a 70.3% chance of a Fed rate hike in October, CME\u2019s FedWatch Tool showed. The \u200bUS central bank earlier \u200bthis month lifted rates by a quarter percentage point and indicated that additional increases are likely.
\nOn Friday, Cleveland Fed chief Beth Hammack said she \u200bis concerned that persistently high inflation risks could condition the \u200bAmerican public to accept elevated prices as the norm, adding the central bank cannot let that happen.
\nFocus is now on a series of US economic releases scheduled for this week, including job \u200bopenings, the ADP employment report, Personal Consumption Expenditures (PCE) \u200breadings and nonfarm payrolls.
\nAmong other metals, spot silver fell 4.8% to $61.17 per ounce, platinum declined 2.4% to $1,735.88 \u200band palladium lost 2.2% to $1,239.60.<\/p>\n","protected":false},"excerpt":{"rendered":"
islamabad Gold prices declined sharply in the local market on Monday, with the price of gold per tola falling by Rs12,800 following a major decrease in the international market. In the international bullion market, gold prices decreased by $128 per ounce, settling at $4,156 per ounce. According to rates released by the All Pakistan Sarafa …<\/p>\n","protected":false},"author":4,"featured_media":67105,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-103643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/103643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=103643"}],"version-history":[{"count":2,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/103643\/revisions"}],"predecessor-version":[{"id":103655,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/103643\/revisions\/103655"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/67105"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=103643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=103643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=103643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}