Gold prices drop sharply in global, local markets ahead of Eid

Gold and silver prices have recorded a significant decline in both global and local markets amid escalating tensions in the Middle East and disruptions in regional trade.

The intensifying conflict, particularly Iran’s attacks on the United Arab Emirates, has led to a suspension of gold and jewellry exports from Dubai, a key global gold hub. Additionally, discount sales by Emirati traders have further accelerated the downward trend in precious metal prices worldwide.

The price of gold per ounce dropped sharply by $243 in the global bullion market, bringing the new international rate down to $4,767 per ounce.

Following the global trend, local bullion markets also recorded a major decrease. The price of gold per tola slashed by Rs24,300, settling at Rs499,462 per tola.

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Similarly, the price of gold per 10 grams in the domestic market declined by Rs20,833, reaching Rs428,208.

Meanwhile, silver prices also followed a similar trajectory. In the global market, silver fell by $7.60 per ounce to $72.50.

Consequently, in local markets, the price of silver per tola declined by Rs760 to Rs7,734, while the rate per 10 grams dropped by Rs652 to Rs6,630.

Market experts attribute the decline to disruptions caused by the ongoing conflict involving the United States, Israel, and Iran, which has affected flight operations across Gulf countries and severely impacted trade activities. In this environment, gold traders in the UAE are offering discounted rates to sustain sales.