KARACHI – Gold prices continued to decline in both local and global markets on Wednesday. The drop came as investors reacted to rising geopolitical uncertainty and shifting trends in commodity markets.
In the international bullion market, Gold prices per ounce fell by $55. The new rate reached $4,572 per ounce. This decline in the global market directly affected the local market in Pakistan.
For the second day in a row, Gold prices in Pakistan recorded a major fall. The price of one tola dropped by Rs 5,500. It settled at Rs 479,562 in the local bullion market.
The price of 10 grams of gold also decreased. It went down by Rs 4,715 and reached Rs 411,147. Traders said the local market followed the downward trend seen in international exchanges.
Silver prices also witnessed a decline in both markets. In the international market, silver per ounce dropped by 45 cents. It closed at $72.82 per ounce.
In Pakistan, silver prices fell by Rs 55 per tola. The new rate stood at Rs 7,766. The price of 10 grams of silver also declined by Rs 38, reaching Rs 6,658.
Market experts said the fall in precious metals came during a time of global uncertainty. Investors are closely watching the political situation in the Middle East. The region remains tense due to concerns over trade and oil routes.
At the same time, oil markets showed the opposite trend. Global oil prices crossed the $111 mark. The rise came after fears grew over the possible closure of the Strait of Hormuz. This route is considered critical for global oil supply.
Another major development came from the United Arab Emirates. The country announced its decision to leave OPEC+. Officials said the move is part of its long-term economic strategy.
This decision has increased concerns about oil supply management. Analysts believe these events could increase market volatility in the coming days.
In other news read more about Gold Prices Drop by Rs8,900 Per Tola in Pakistan Today
For now, Gold prices remain under pressure as investors monitor both political and economic developments worldwide.
