ISLAMABAD: The price of gold fell in the global market on Wednesday, hitting its lowest level in nearly a week.
According to global media, spot gold fell 0.1 percent to $4,100.32 an ounce, while US gold futures for August delivery fell 1.1 percent to $4,112.50 an ounce. Among other precious metals, silver, platinum and palladium prices also fell.
It should be noted that the US dollar strengthened due to new air strikes on Iran, the cancellation of Iranian oil sales licenses and a rise in crude oil prices, which increased investors’ fears that interest rates could be kept high for a longer period if inflation remains high.
On the other hand, China’s central bank increased its gold reserves by the largest monthly amount in more than two and a half years in June. Meanwhile, Beijing and Hong Kong announced several measures to promote gold, bond and currency trading, including the launch of a central clearing system for gold and the resumption of dollar-gold futures trading.
It should be noted that gold prices in the local market are determined by the global market, and after the decline in the global market, gold prices are also expected to decline in Pakistan today.
