KARACHI – Gold prices slipped further in both local and international markets on Wednesday amid uncertain geopolitical situation.
In the international bullion market, per ounce price fell by $55, reaching $4,572. The decline in global markets had a visible impact on local exchange markets as well.
For the second consecutive day, gold prices dropped by Rs 5,500 per tola, closing at Rs 479,562, while the price per 10 grams fell by Rs 4,715 to Rs 411,147.
Silver also saw a decrease internationally, with the price per ounce dropping 45 cents to $72.82. Locally, this translated to a Rs 55 drop per tola, bringing the price to Rs 7,766, while 10 grams of silver fell by Rs 38 to Rs 6,658.
Meanwhile, global oil prices surged past $111 mark amid uncertainty over rising fears due to the closure of Strait of Hormuz and the shocking exit of UAE from OPEC+.
The recent developments tightened nerves across the energy sector, as traders braced for what could come next in an already volatile global economy.
At the center of market anxiety is growing uncertainty over the Strait of Hormuz, which remained at standstill with no breakthrough between the US and Iran.
On top of that, the United Arab Emirates (UAE) officially announced its decision to exit OPEC+ alliance, citing its long-term strategic and economic vision, which raised fresh concerns about the future stability of coordinated oil supply management.
