Gold slides in global, local markets amid weaker bullion trend

Gold prices fell in both international and local markets on Tuesday amid a softer trend in global bullion rates.

In the international bullion market, the price of gold dropped by $35 per ounce, bringing the new global rate down to $3,980 per ounce.

As of 0839 GMT, spot gold was down 0.1% at $3,996.68 per ounce after falling 0.9% earlier in the session, while US gold futures for December delivery eased 0.2% to $4,007.70 per ounce.

Read: Gold prices rise again in global, local markets

In line with the global market, local bullion prices also declined. The price of 24-karat gold fell by Rs3,500 per tola, settling at Rs420,362 per tola, while the rate for 10 grams of gold decreased by Rs3,001 to Rs360,392.

Elsewhere in precious metals, spot silver remained steady at $48.04 per ounce, platinum slipped 0.3% to $1,561.15, and palladium dropped 1.9% to $1,417.02.

Read more: $636b worth of gold reserves found in Tarbela

Gold reserves worth $636 billion have been discovered at Tarbela. This revelation was made by Hanif Gohar, Chairman of Air Karachi and former senior vice president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), during a conversation at the Karachi Press Club on Monday.

He said that the gold reserves found in Tarbela were sufficient to pay off the country's foreign debt and the matter had already been brought to the attention of the Special Investment Facilitation Council (SIFC) and the State Bank of Pakistan (SBP) governor.

Gohar stated that contact had been established with Australian and Canadian drilling companies for the exploration of the reserves. "As soon as we receive directives from the prime minister, the process of extracting gold from Tarbela's soil will begin," he said.

Speaking about Air Karachi, Gohar announced that the airline's domestic operations would commence on March 23, 2026. The airline will initially have a fleet of three to five Airbus aircraft.

He said international flights would begin after a year of successful domestic operations. Gohar disclosed that Hyderabad's first four-star hotel was being built on five acres. He stressed that Pakistan could not cut its budget deficit without developing the construction sector, noting that work in Karachi continued despite a poorly functioning system.