Precious metals decline locally as global bullion weakens, while rising oil prices spark supply concerns
KARACHI: Gold and silver prices declined in Pakistan on Monday, tracking a downward trend in international bullion markets, according to local traders and market data.
In the domestic market, the price of gold dropped by Rs1,800 per tola to Rs522,762, while the rate for 10 grams fell by Rs1,543 to Rs448,184. Silver prices also recorded a decline, with per tola rates decreasing by Rs100 to Rs8,441 and 10 grams slipping by Rs86 to Rs7,236.
Market analysts attributed the drop to a fall in global gold prices, which declined by $18 per ounce to hover around $5,000, directly impacting local bullion rates in Karachi and other trading hubs.
Meanwhile, concerns are mounting over rising global fuel prices amid escalating tensions in the Middle East. Officials informed a Senate panel that instability in the region has disrupted oil supply chains, affecting Pakistan, which imports nearly 70 percent of its petroleum needs.
Briefing lawmakers, the Petroleum Secretary said global diesel prices surged from $88 to $187 per barrel, while petrol rose from $74 to $130. Shipment delays due to tanker disruptions have added further uncertainty.
Authorities said the government is relying on existing reserves and has temporarily allowed sub-Euro-5 fuel imports to maintain supply. Current reserves include crude oil for 11 days and petrol for up to 27 days, officials added.
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