KARACHI – Gold opened new business week on negative note as it saw a significant decrease in its prices in Pakistan on Monday amid downward trend in international market.
Data shared by All Pakistan Gems and Jewellers Association showed per tola gold price plunged by Rs6,500 to settle at Rs533,362.
Similarly, the price of 10-gram gold fell by Rs5,573 to close at Rs457,271 in local market.
The precious commodity also recorded a decrease of $65 in international bullion market where per ounce rate stood at $5,106.
Furthermore, silver prices decreased by Rs37 to reach Rs8,894 per tola in Pakistan.
On the other hand, the Pakistan Stock Exchange (PSX) has recorded massive decline on Monday as the escalating Middle East conflict has triggered massive sell-off amid policy rate concerns.
During the intraday trading, the KSE-100 index plunged 11,015.91 points to drop to 146,480.14 points, a negative change of 6.99 percent.
Meanwhile, a dramatic escalation of war in Middle East triggered global energy shock, pushing oil prices above $100 per barrel for the first time in nearly four years and rattling financial markets around the world.
The surge comes amid intensifying military strikes involving US and Israel against Iran, raising fears that one of the world’s most critical energy supply routes could remain blocked for weeks. Brent crude surged past $110 per barrel, while U.S. crude also jumped sharply, signaling deep anxiety among traders about a possible disruption in global energy supplies.
