Gold prices in Pakistan continue to slide

KARACHI: Gold prices in Pakistan continued their downward trend on Saturday, with a sharp decline observed in local markets for the second consecutive day.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-carat gold dropped by Rs2,300 per tola, settling at Rs342,200.

Similarly, the price of 10 grams of 24-carat gold declined by Rs1,972, now standing at Rs293,381.

A day earlier, gold prices had already seen a significant fall, with a Rs1,300 decrease per tola bringing the rate down to Rs344,500.

The 10-gram rate also dipped by Rs1,114 to Rs295,353, while 22-carat gold was being traded at Rs270,740 per 10 grams.

The continued slide in gold prices reflects fluctuations in the international bullion market and shifting investor sentiment.

It is worth noting that on Tuesday, gold prices had surged by Rs2,100 per tola, reaching Rs349,200, with 10 grams of 24-karat gold priced at Rs299,382.

However, gold prices in Pakistan took downward slide due to the escalating tensions between India and Pakistan in the aftermath of the Pahalgam attack.

On Monday, the price of 24-carat gold per tola dropped by Rs1,600, bringing it down to Rs347,100

On Wednesday, gold prices declined further in local market due to the war drums beating in the region.

The price of 24-karat gold decreased by Rs3,400 per tola, reaching Rs345,800, while the price for 10 grams of 24-karat gold decreased by Rs2,915, closing at Rs296,467.

Oil prices likely to drop

Eight OPEC+ member countries on Saturday announced a sharp increase in oil production for the month of June at the risk of driving down already very low prices.

“OPEC+ has just thrown a bombshell to the oil market,” Jorge Leon, analyst with Rystad Energy, told AFP.

“Last month’s decision was a wake up call. Today’s decision is a definitive message that the Saudi led group is changing strategy and pursuing market share after years of cutting production,” he added.