Gold rates drop in Pakistan 

ISLAMABAD: The per tola price of 24 karat gold decreased by Rs 300 and was sold at Rs 213,900 on Saturday compared to its sale at Rs. 214,200 on last trading day.

The price of 10 grams of 24 karat gold also decreased by Rs 257 to Rs.183,385 from Rs 183,642 whereas the prices of 10 gram 22 karat gold went down to Rs 168,103 from Rs.168,338, the All Sindh Sarafa Jewellers Association reported.

The price of per tola and ten gram Silver remained stagnant at Rs 2,600 and 2,229.08 respectively.

The price of gold in the international market decreased by $2 to $2,038 from $.2,040, the Association reported.

Yesterday, the US dollar (USD) fell, after data showed inflation rose modestly in December but was trending lower, which should keep the Federal Reserve on track to cut interest rates by the middle of the year.

The dollar, however, was on track to post gains for four straight weeks. The dollar index was last down 0.3% at 103.25 .

Data showed the personal consumption expenditures (PCE) price index increased 0.2% last month after an unrevised 0.1% drop in November. In the 12 months through December, the

PCE price index increased 2.6%, matching November’s unrevised gain. Those numbers were in line with consensus expectations.

The annual inflation rate was under 3% for the third straight month. The Fed tracks the PCE price measure for its 2% inflation target.