KARACHI: Gold prices in Pakistan declined on Thursday, August 13, ending a recent upward streak as international bullion prices came under pressure amid continued geopolitical uncertainty.
According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold fell by Rs3,500 per tola to Rs460,436.
The price of 24-karat gold per 10 grams also decreased by Rs3,001 to Rs394,749, compared with Rs397,750 in the previous session.
In the international market, the association reported gold at $4,380 per ounce.
Silver prices
- Silver prices also declined in the local market.
- The price of silver fell by Rs175 per tola to Rs6,936 from Rs7,111.
Global factors
Investors continued to closely monitor developments in the Middle East as Iran and the United States remained at odds over efforts to reach a permanent end to the conflict in the Gulf.
According to a senior Iranian source, there had been no progress in talks to revive an interim agreement reached in June and establish a time frame for its implementation.
The comments came as US President Donald Trump renewed criticism of Iran’s leadership, further clouding hopes for a resolution to the crisis following new attacks on shipping in the region.
Oil prices also declined on Thursday as investors assessed prospects for weaker global demand and higher US crude inventories. However, prices remained supported by the lack of progress in talks concerning the Strait of Hormuz and ongoing supply disruptions.
Gold is traditionally considered a safe-haven asset during periods of geopolitical and economic uncertainty. Its price is sensitive to changes in global risk sentiment, inflation expectations and interest-rate expectations.