Gold rate in Pakistan today slips on Fed hike bets
Gold rate in Pakistan today is under pressure after higher oil prices and firmer US inflation data strengthened bets on a Federal Reserve rate hike in December.
International gold prices slipped on Friday as higher oil and firmer US inflation data lifted bets on another Federal Reserve rate increase.
Traders are pricing in about a 75% chance of a December hike, according to the CME FedWatch Tool.
Higher interest rates raise the opportunity cost of holding gold, which pays no yield.
Oil rose on Friday and was set for a fourth monthly gain after a tanker attack in the Strait of Hormuz.
Silver, platinum and palladium were also headed for weekly and monthly declines.