KARACHI – Gold prices in Pakistan dropped sharply on Tuesday after recording a slight increase a day earlier. The decline comes as uncertainty continues over the ongoing US-Iran talks, affecting both local and international markets.
According to the All Pakistan Gems and Jewellers Association, Gold prices per tola fell by Rs8,900 in the local market. After the sharp drop, the new price of one tola of gold settled at Rs485,062.
The price of 10 grams of gold also saw a major decline. It dropped by Rs7,630, bringing the new rate to Rs415,862. The latest change reflects a strong reaction to movements in the international bullion market.
In the global market, gold prices also moved downward. The price of gold per ounce fell by $89. After the decline, the latest international rate stood at $4,627 per ounce. Analysts say market uncertainty and shifting investor sentiment continue to impact Gold prices worldwide.
Silver prices in Pakistan also followed the same trend. The price of silver per tola declined by Rs38. After the decrease, the new silver rate settled at Rs7,811.
Market experts believe precious metal rates remain highly sensitive to global political and economic developments. The ongoing lack of progress in US-Iran negotiations has created uncertainty in financial markets. This uncertainty is influencing both commodities and energy prices.
At the same time, global oil prices moved in the opposite direction. Brent crude oil climbed above $109 per barrel in international trading. This marks its highest level in recent weeks.
July Brent futures rose by 3.66 percent and touched $109.18 per barrel before slightly easing. The price later settled near $109.13 per barrel. Despite the small pullback, the market remained strong with gains of around 3.61 percent.
In other news read more about KARACHI – Currency Market Remains Stable As Dollar, Euro And Pound Hold Steady
Experts say rising oil prices and unstable geopolitical conditions may continue to affect Gold prices and other commodities in the coming days. Investors are closely watching global developments for further market direction.
