Gold price falls in Pakistan after recent surge

KARACHI: Gold price fell across Pakistan’s bullion markets on Thursday, reversing a sharp rise in the last couple of days, as international rates also declined amid shifting global economic and geopolitical conditions.

According to the All Pakistan Sarafa Gems and Jewellers’ Association, the price of gold per tola dropped by Rs7,100 to Rs486,962. The price of 10 grams fell by Rs6,087 to Rs417,491.

On Wednesday, gold per tola climbed by Rs2,800 to Rs478,762, compared with Rs475,962.

Similarly, the price for 10 grams had jumped by Rs2,401 to Rs410,461, up from Rs408,060 on Tuesday.

In the international market, gold prices slipped by $71 to $4,642 per ounce, ending a streak of consecutive gains, according to market data.

Analysts said the drop in global gold prices followed recent geopolitical developments, including remarks by US President Donald Trump on ongoing military operations against Iran, which also influenced broader financial markets.

Oil prices, however, rose on the back of increased tensions, raising concerns about inflationary pressures.

In Pakistan, analysts warned that rising global oil prices could push fuel costs higher, potentially affecting domestic inflation.

Market participants are closely watching geopolitical developments, as uncertainty continues to drive fluctuations in commodity prices worldwide.