KARACHI: Gold prices extended their decline in Pakistan on Thursday, with higher oil prices and uncertainty in global markets weighing on investor sentiment.
The price of 24-karat gold dropped by Rs3,000 per tola to Rs431,536, according to the All Pakistan Sarafa Gems and Jewellers Association. Ten grams of 24-karat gold fell by Rs2,572 to Rs369,972, while 10 grams of 22-karat gold declined by Rs2,358 to Rs339,153.
International gold prices also slipped, falling $30 to $4,090 per ounce, the association said.
Silver followed the same trend. Its price in Pakistan decreased by Rs121 per tola to Rs6,086, while the 10-gram rate dropped by Rs104 to Rs5,217. International silver prices fell $1.21 to $56.08 per ounce.
“Gold prices can fall further … because we are still seeing a lot of uncertainty around the energy market,” said Soni Kumari, an analyst at ANZ.
Oil prices climbed by more than $2 a barrel on Thursday after additional Houthi attacks in Saudi Arabia raised concerns about a broader regional conflict and possible disruptions to crude supplies.
