KARACHI – Gold prices have fallen sharply in Pakistan on Thursday amid downward trend in international market.
Data shared by All Pakistan Gems and Jewellers Association showed per tola price decreased by Rs24,300 to settle at Rs499,462.
Similarly, the price for 10 grams of gold fell by Rs20,833 to Rs428,208.
Silver prices also declined, decreasing by Rs760 per tola to reach Rs7,734 per tola.
On the international market, gold is trading at $4,767 per ounce.
The Pakistan Stock Exchange (PSX) turned bearish on Thursday, reversing a strong rally from the previous session, as escalating tensions in the Middle East unsettled investors.
The KSE-100 benchmark index dropped 1,551.88 points, closing at 152,740.37 compared to the prior session’s 154,292.25.
Market jitters followed reports that Iran targeted energy infrastructure in Qatar and other Gulf countries in retaliation for an Israeli strike on its energy facilities, heightening regional uncertainty.
Meanwhile, oil prices surged on Thursday after Iran targeted energy facilities across the Middle East in retaliation for an Israeli strike on the South Pars gas field, marking a significant escalation in the conflict involving the United States and Israel.
By 0400 GMT, Brent crude futures had climbed $4.66, or 4.3%, to $112.04 per barrel, having earlier spiked over $5 to $112.86. U.S. West Texas Intermediate (WTI) crude increased by 96 cents, or 1%, reaching $97.28 per barrel after rising more than $3 earlier in the session.
