KARACHI – Gold prices recorded a substantial decline on Saturday, following a major drop in the international bullion market. The global price per ounce plunged by $91, settling at $4,083 and triggering an immediate impact on local rates.
In Pakistan’s domestic market, the price of gold per tola fell by Rs9,100, bringing it down to Rs430,662. Similarly, the price of 10 grams dropped by Rs7,799, reaching Rs369,223. Jewellers attributed the dip to the steep reduction in global prices and shifting investor sentiment.
Read More: Gold plunges Rs9,100 per tola in Pakistan
Market analysts noted that the international slump played a key role in shaping local trends, with traders expecting further fluctuations depending on currency movements and geopolitical developments. Investors were advised to monitor global economic indicators closely.
Meanwhile, global oil markets moved in the opposite direction. Oil prices surged more than two percent after Russia halted exports from its Novorossiisk port due to a Ukrainian drone attack targeting an oil depot. This unexpected disruption heightened supply concerns and pushed Brent crude to $64.39 per barrel, while U.S. West Texas Intermediate rose to $60.09.