KARACHI – Gold prices in Pakistan opened the week with a sharp decline on Monday. The drop comes amid a downward trend in the international market.
According to the All Pakistan Gems and Jewellers Association, the per tola gold price fell by Rs6,500 to reach Rs533,362. Similarly, the price of 10-gram gold dropped by Rs5,573, closing at Rs457,271.
Internationally, gold prices also decreased, with per ounce rates falling by $65 to $5,106. Experts attribute the decline to rising global uncertainty and market volatility.
Silver prices in Pakistan also saw a minor decrease. Per tola silver fell by Rs37, settling at Rs8,894. Analysts say precious metals often react to broader economic concerns, including geopolitical tensions and currency fluctuations.
The Pakistan Stock Exchange (PSX) mirrored this negative sentiment. The KSE-100 index plunged 11,015.91 points to 146,480.14, a fall of 6.99 percent. Traders cited the escalating conflict in the Middle East and concerns over local policy rates as key reasons.
The Middle East situation intensified as military strikes by the United States and Israel targeted Iran. This escalation caused a global energy shock, pushing oil prices above $100 per barrel for the first time in nearly four years. Brent crude surpassed $110 per barrel, while U.S. crude also saw sharp gains.
Economists warn that rising energy costs could impact global markets further, affecting inflation and investment patterns. The disruption of critical energy supply routes is a major concern for traders worldwide.
In other news read more about Gold, Silver Rates in Pakistan Stabilize Amid Market Fluctuations
Despite the volatility, experts advise investors to monitor gold prices closely, as the precious metal remains a safe haven during uncertain times. They suggest that the current decline may present buying opportunities if global conditions stabilize.
