KARACHI – Gold prices in Pakistan continued to decline on Thursday as international rates moved lower amid concerns over oil-driven inflation worldwide.
According to market data, the price of one tola of gold dropped by Rs5,200. It is now being sold at Rs493,762 in local markets.
The price of 10 grams of gold also recorded a sharp decline. It fell by Rs4,458 and reached Rs423,321.
Traders said the latest drop in Gold prices follows a downward trend in the international market.
Globally, gold rates fell by $52 per ounce. This pushed the international price down to $4,714 per ounce.
Market experts believe investors are closely watching global inflation risks. Rising oil prices and geopolitical tensions are creating uncertainty in financial markets.
At the same time, silver prices also moved downward in Pakistan.
The price of silver per tola decreased by Rs225. It is now available at Rs8,099.
While precious metals declined, oil prices continued to rise on Thursday.
Analysts linked the increase in crude oil prices to stalled talks between Iran and the United States.
Ongoing trade restrictions in the Strait of Hormuz also added pressure on global energy supplies.
Brent crude futures increased by $1.26, or 1.2 percent. The benchmark reached $103.17 per barrel by 0630 GMT.
This marked the first time Brent settled above $100 in more than two weeks.
Meanwhile, West Texas Intermediate (WTI) crude futures rose by $1.20, or 1.3 percent.
WTI prices reached $94.16 per barrel during early trading hours.
Experts said higher oil costs could raise inflation fears in global markets.
This may continue to affect investor sentiment in both energy and precious metal sectors.
In other news read more about Gold Prices Drop in Pakistan Amid Global Market Decline
For now, Gold prices remain under pressure as traders monitor global economic developments, oil supply concerns, and geopolitical tensions.
