Pakistan gold prices fall sharply as international bullion rates plunge $151 amid global uncertainty and Middle East tensions.

KARACHI: Gold prices in Pakistan suffered a major decline of Rs15,100 per tola on Saturday, tracking a sharp fall in international bullion prices amid heightened global uncertainty.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold fell to Rs467,936 per tola, compared with the previous closing rate of Rs483,036 in the local market.

The price of 24-karat gold per 10 grams also declined by Rs12,946 to Rs401,179, down from Rs414,125 in the previous session.

Global factors weigh on gold

Bullion market experts attributed the sharp decline in Pakistan’s gold prices to heightened international uncertainty, including concerns over tensions in the Middle East and persistent inflation fears.

The fall in domestic rates came as international gold prices recorded a substantial decline.

Gold prices dropped by $151 per ounce to $4,454, compared with the previous closing rate of $4,605 in global markets.

The decline in international bullion prices directly affected domestic gold rates, resulting in one of the sharpest single-day falls in Pakistan’s gold market in recent weeks.

Market participants are expected to closely monitor geopolitical developments, inflation expectations and movements in international bullion prices for further direction in domestic gold rates.