Gold prices in Pakistan witnessed a continued decline on Thursday, reflecting a downward trend in the international bullion market driven by global economic concerns and fears of oil-led inflation.
In the local market, the price of one tola of gold dropped to Rs493,762 after a reduction of Rs5,200. Similarly, the price of 10 grams of gold fell by Rs4,458, settling at Rs423,321. Market analysts link this decrease to fluctuations in global gold rates and investor reactions to changing economic conditions worldwide.
On the international front, gold prices slipped by $52 per ounce, bringing the global rate down to $4,714 per ounce. Experts believe that shifting investor sentiment, coupled with uncertainty in global financial markets, has contributed to the weakening of gold prices.
Silver also followed a downward trajectory, with prices falling by Rs225 per tola, taking the new rate to Rs8,099 in the local market.
At the same time, global oil markets moved in the opposite direction, showing an upward trend amid geopolitical tensions and supply concerns. Ongoing stalled negotiations between Iran and the United States, along with disruptions linked to trade routes in the Strait of Hormuz, have added pressure on energy markets.
Brent crude futures increased by $1.26, or 1.2 percent, reaching $103.17 per barrel. This came after the previous session closed above the $100 mark for the first time in over two weeks. Meanwhile, West Texas Intermediate (WTI) crude rose by $1.20, or 1.3 percent, reaching $94.16 per barrel.
Analysts suggest that continued diplomatic uncertainty and potential supply disruptions are keeping oil prices elevated. They warn that global energy markets may remain volatile in the near future, which could further influence commodity pricing trends, including precious metals like gold and silver.
Read more: Gold Prices Fall in Pakistan for Third Consecutive Day
