KARACHI – Gold prices recorded a decline on opening days of the new business week amid downward trend in international market.
Data shared by All Pakistan Gems and Jewellers Association showed per tola price plunged by Rs1,600 to settle at Rs495,362.
Similarly, the price of 10-gram decreased by Rs1,371 with new rate closing at Rs424,693 in local market.
The precious commodity witnessed a drop of $16 in international bullion market where per ounce rate hovered at $4,730.
Silver prices in Pakistan also fell as per tola rate plunged by Rs130, taking the new rate to Rs7,934 compared to previous Rs8,064.
On the other hand, the failed talks between United States and Iran triggered negative trajectory across global markets and Pakistan Stock Exchange (PSX) also faced the heat.
The benchmark KSE-100 Index nosedived by nearly 5,200 points to 162,057.43.
Iinvestors scrambling for safety amid fears of escalating geopolitical fallout. In blunt terms: cash is now king, and trying to “buy the dip” could prove disastrous until clarity emerges on the looming US blockade.
Automobiles, cement, commercial banks, oil and gas exploration firms, OMCs, power producers, and refineries were all hammered.
The trigger came just hours earlier. US Vice President JD Vance revealed that American negotiators had abruptly exited Pakistan after 21 hours of intense but ultimately futile discussions with Iran. The breakdown, he said, stemmed from Tehran’s refusal to accept key US demands, particularly assurances related to nuclear weapons.
From Tehran, the tone was equally grim. Iran’s parliamentary speaker, Mohammad Baqer Qalibaf, signaled that expectations for a quick deal were unrealistic, pointing to deep-rooted mistrust that continues to derail progress, even with Pakistan acting as mediator.
