ISLAMABAD (Web Desk) The decline in the gold prices in the global market is likely to determine the local prices of the yellow metal in other countries including Pakistan.

The gold price dwindled to $1300 per ounce in the international market on back of expectation that the Federal Reserve might increase interest rates, a private news channel reported.

Gold price plunged by more than $32 per ounce, trading nearly $1277 per ounce, which was the lowest mark since June 2016.

The gold price at one stage in New York Mercantile stage was hovering around $1269 per ounce, but once the market opened in Asia, investors placed fresh bids which lift the price of the yellow metal.

Still, the universal consensus was that the price of gold might slip, but much to depend upon the Federal Reserve’s determination to increase the interest rate. If the interest increased, majority funds would naturally be siphoned off to the precious metal trade, forcing its price back to normal.