LAHORE MIRROR — The price of gold dipped slightly in the domestic market Friday, reflecting the continued fluctuation in the international market.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) decreased by Rs250 per tola and Rs214 per 10 grams to reach Rs235,750 and Rs202,118, respectively.
The international rate declined by $9 to settle at $1,952 per ounce. Gold’s value has remained volatile in the international market recently, with the safe-haven bullion set for its third weekly loss. Investors are keeping an eye on negotiations between US Democrats and Republicans on raising the federal debt ceiling, the deadline for which is drawing closer.
If the debt ceiling — which is currently capped at $31.4 trillion — is not raised, it would trigger the first-ever US default.
Besides this, international investors are also looking at the US Federal Reserve’s rate hike path. High interest rates negatively affect gold’s value.
SOURCE: GEO NEWS
