KARACHI – Gold prices in Pakistan dropped for third consecutive day following a downward trend in the international bullion market on Wednesday.
In the global market, the price of gold fell by $12 per ounce, bringing the new international rate to $4,766 per ounce.
Reflecting the international decline, 24-karat gold in Pakistan dropped by Rs1,200 per tola, reaching Rs498,962 per tola.
Gold per 10 grams also fell by Rs1,029, settling at Rs427,779.
Silver prices in Pakistan also fell, with the rate per tola dropping by Rs34 to Rs8,324, while per 10 grams it decreased by Rs29 to Rs7,136.
Meanwhile, oil markets opened on a shaky note before slipping back, as traders reacted to a fresh wave of geopolitical developments between the US and Iran.
Early gains in crude prices quickly faded after news of ceasefire extension added both relief and uncertainty to an already fragile market. As investors tried to make sense of shifting signals from diplomacy and ongoing tensions around key supply routes, including the Strait of Hormuz, prices lost momentum and edged lower.
Oil prices dipped in volatile trading after an early surge in Asia, as investors reacted to escalating geopolitical uncertainty surrounding US–Iran tensions, a fragile ceasefire extension, and a near-paralysed Strait of Hormuz.
Brent crude slipped 0.2% to around $98.27 a barrel after briefly surging to $99.38, while US West Texas Intermediate fell 0.3% to $89.39 after touching $90.71 earlier in the session. Both benchmarks had jumped roughly 3% in the previous trading day, reflecting heightened market anxiety.
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