Gold, silver prices fall in Pakistan amid drop in global market

KARACHI: Gold and silver prices fell in Pakistan on Monday in line with a decline in international bullion markets, according to local market data.

The price of gold in the domestic market dropped by Rs1,800 per tola to Rs522,762. The price of 10 grams of gold also fell by Rs1,543 to Rs448,184.

Silver prices also declined, with the rate per tola falling by Rs100 to Rs8,441, while the price of 10 grams dropped by Rs86 to Rs7,236.

In the international bullion market, gold prices fell by $18 per ounce to around $5,000 an ounce, contributing to the decline in local prices.

On the other hand, global prices of petrol and diesel have surged sharply amid escalating tensions in the Middle East, raising concerns about fuel supply stability in Pakistan.

The situation was reviewed during a meeting of the Senate Standing Committee on Petroleum, chaired by Senator Manzoor Ahmed, where officials briefed lawmakers on the country’s petroleum supply and reserves.

Secretary Petroleum informed the committee that Pakistan’s fuel supply has been affected due to instability in the Middle East, from where the country imports nearly 70 percent of its petroleum products. Ongoing tensions have also disrupted the movement of oil tankers, slowing shipments to the region.

According to the briefing, international prices of high-speed diesel have jumped from $88 to $187 per barrel, while petrol prices have risen from $74 to $130 per barrel in the global market.

Officials noted that under normal conditions, oil shipments from Arab countries reach Pakistan within four to five days. However, the current geopolitical situation has created uncertainty in supply chains.

To manage the situation, the government is attempting to maximise the use of existing reserves. The Petroleum Secretary also told the committee that Pakistan has temporarily allowed the import of petroleum products below the Euro-5 standard in order to maintain adequate supply.

The meeting was informed that a ministerial committee formed by the Prime Minister is monitoring the petroleum situation on a daily basis.

At present, Pakistan has crude oil reserves for about 11 days, diesel for 21 days, petrol for 27 days, LPG for 9 days, and JP-1 (jet fuel) for approximately 14 days, according to the briefing.