Islamabad
Gold prices retreated in the international market on Thursday following a slightly hawkish US monetary policy, according to economists, a day earlier.
At 1325 hours GMT, gold in the international market was available at $1,756.60 per ounce after shedding $12.30. Meanwhile, the price of 10 grams of yellow metal in Pakistan decreased to Rs95,500 after shedding Rs1,100.
The closing prices of the yellow metal in the country remained Rs96,600 on Wednesday last. The decrease in local gold prices was also due to overnight change in gold price when the local market was closed.
Federal Reserve Chair Jerome Powell said on Wednesday the US central bank could begin scaling back asset purchases as soon as November and complete the process by mid-2022, after officials revealed a growing inclination to raise interest rates next year.
Powell, explaining the US central bank’s first steps towards withdrawing emergency pandemic support for the economy, told reporters that tapering “could come as soon as the next meeting”. —TLTP
