Gold Prices Fall in India and Pakistan Ahead of Fed Meeting

Gold prices fell in India and Pakistan on September 14, extending a recent decline driven by a stronger U.S. dollar and expectations that the Federal Reserve will raise interest rates at its upcoming policy meeting. In India, 24-karat gold was priced at 15,409 Indian rupees per gram on September 14, according to rates from jewellers across major cities. This followed a slip to 15,458 rupees per gram on September 13, when market reports attributed the decline to fears of a Fed rate hike and a firm U.S. dollar. The price of 22-karat gold stood at 14,125 rupees per gram on September 14. In Pakistan, gold prices also decreased on September 14, with 24-karat gold trading at 38,570.38 Pakistani rupees per gram, down from the previous session. This marked a continuation of a sharp drop on September 12, when the All Pakistan Sarafa Gems and Jewellers Association reported that 24-karat gold fell by 5,600 rupees per tola to 456,736 rupees. The association also noted a decline in international gold prices to $4,342 per ounce on that day. The downward pressure on gold comes as investors focus on the Federal Reserve's policy meeting scheduled for September 15-16.