Gold prices drop in Pakistan as global prices slip

KARACHI: Gold prices fell further in Pakistan on Monday, tracking declines in international markets amid easing demand and geopolitical uncertainty, according to industry data.

The All Pakistan Sarafa Association said that the price of gold per tola dropped by Rs4,900 to Rs501,162 in local markets.

The price of 10 grams of gold also fell by Rs4,201 to Rs429,665.

In the international bullion market, gold prices declined by 49 dollars to 4,788 dollars per ounce, reflecting a broader downward trend.

Silver prices, however, showed mixed movement. In global markets, silver rose by 1.45 dollars to 79.33 dollars per ounce.

Despite the increase, local prices fell, with silver per tola declining by Rs145 to Rs8,417 and per 10 grams dropping by Rs124 to Rs7,216.

Analysts said the drop in gold prices was influenced by multiple factors, including rising war expenditures linked to the Russia-Ukraine conflict and reports that Turkey has been selling gold reserves to ease financial pressures.

Persistent tensions surrounding ongoing US-Iran negotiations have also contributed to volatility in global bullion markets, reinforcing the downward trend in prices.