Gold prices dropped in Pakistan’s local market on Thursday, a day after posting a sharp rise following a tentative ceasefire between the United States and Iran.
According to figures released by the All Pakistan Gems and Jewellers Association, the price of gold per tola fell by Rs9,500, settling at Rs494,662. Likewise, the rate for 10 grams declined by Rs8,145, bringing it down to Rs424,090.
In the international bullion market, gold also lost value, with prices per ounce decreasing by $95 to reach $4,723. This downward trend comes after a strong surge a day earlier, when gold per tola had jumped by Rs15,700 to hit Rs504,162 in the domestic market.
Globally, gold had also seen gains in the previous session, with prices rising by $157 per ounce to close at $4,814, reflecting heightened market uncertainty at the time.
Meanwhile, energy markets showed an upward trend on Thursday, as crude oil prices climbed due to supply concerns and changing economic signals. Tensions escalated after Israel reportedly undermined the ceasefire by carrying out attacks in Lebanon.
West Texas Intermediate (WTI) crude rose by 3.01% to settle at $97.25, while Brent crude increased by 2.08%, indicating a broadly positive trend in global oil markets. Gasoline prices also edged up nearly 1% to $3.032, whereas natural gas remained mostly stable, recording a slight increase of 0.04%.
Also Read: Big Drop in Gold Prices in Pakistan
