Gold prices in Pakistan take sharp dive amid regional tensions

KARACHI: Gold prices in Pakistan fell by Rs1,000 per tola on Tuesday, continuing a downward trend driven by the volatile market situation triggered by the Iran-Israel conflict.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold dropped to Rs361,300 per tola, while the rate for 10 grams declined by Rs857 to settle at Rs309,756.

In the global market, gold prices rose as the conflict between Israel and Iran prompted investors to seek refuge in safe-haven assets, as they also await the upcoming US Federal Reserve policy meeting.

Spot gold was up 0.1% to $3,386.29 an ounce, as of 1203 GMT. US gold futures fell 0.4% to $3,404.90.

It is worth noting that just a day earlier, gold prices had dropped by Rs700 per tola, placing the local rate at Rs362,300.

Similarly, the price for 10 grams of 24-karat gold fell by Rs600 to Rs310,613.

For 22-karat gold, the price for 10 grams was recorded at Rs284,738, reflecting a decrease of Rs550.

On the other hand, silver prices remained stable, with one tola of silver priced at Rs3,787 and 10 grams at Rs3,246.

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In the international market on Monday, gold was down 0.5% to $3,416.48 an ounce after hitting its highest level since April 22 earlier in the session. Prices rose more than 1% on Friday.

PSX witnesses lackluster session

The Pakistan Stock Exchange (PSX)’s KSE-100 Index saw range-bound movement with notable trading activity on Tuesday, as market participants remained cautious amid elevated geopolitical risks following escalating tensions between Israel and Iran, according to Pearl Securities.

The market extended yesterday’s momentum, reaching an intraday high of 122,891.61 points — up 666.25 points.

However, profit-taking in the latter part of the session dragged the index down, with the KSE-100 closing at 121,971.04, marking a decline of 254.32 points or 0.21%.