Gold prices in Pakistan reach multi-week low after Rs12,627 decline

KARACHI – Gold prices in Pakistan dropped to multi-week low after witnessing a massive dip in local market on Wednesday following fresh exchange of strikes between the US and Iran. According to Sarafa Association, the price of the per tola gold plunged by Rs12,627 with new rate settling at Rs442,436. The price of 10-gram closed at Rs378,170 in Pakistan after it registered a decline of Rs11,364. Silver prices in Pakistan also followed the downward trend as per tola price fell by Rs385 to reach Rs6,929. Furthermore, the price of 10-gram silver stood at Rs8,893 after a decline of Rs352. International Gold Prices Gold prices fell by more than 2 percent on Wednesday, touching their lowest level in over two months as renewed fighting in the Middle East weighed on market sentiment. Spot gold declined 2.1 percent to $4,172.44 per ounce by 0849 GMT, marking its lowest level since March 23. Meanwhile, U.S. gold futures for August delivery also dropped 2.1 percent to $4,195.60. Market sentiment was affected by fresh hostilities in the Middle East, which reduced expectations of a resolution to the ongoing conflict involving the United States, Israel, and Iran. The developments have also increased concerns about inflationary pressures and the possibility of further interest rate hikes, factors that continued to influence trading activity in the precious metals market.