Gold, Silver prices continue downward trend across markets

Gold prices continued their downward trend on Tuesday in both international and local markets, with notable declines recorded in the rates of gold and silver.

In the international bullion market, the price of gold per ounce fell by $21, bringing it down to $4,555.

Following the global trend, prices in the local sarafa market also declined. According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola dropped by Rs2,100 to reach Rs477,862.

Similarly, the price of 10 grams of gold decreased by Rs1,801, settling at Rs409,689.

Silver prices also witnessed a decline. The price of silver per tola fell by Rs65 to Rs7,849, while the rate for 10 grams of silver decreased by Rs55 to Rs6,729.

Read: SBP injects over Rs4.6tr via OMOs

The latest drop follows Monday's decline, when the price of gold per tola declined by Rs3,800 to Rs479,962, according to the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the 10-gram gold dropped by Rs3,257 to Rs411,490, reflecting a broader bearish trend. Silver prices also decreased by Rs100 to Rs7,914 per tola.

Globally, spot gold fell 1.9% to $4,526.88 per ounce, while US futures declined 2.3% to $4,537.90, indicating sustained selling pressure in the bullion market.

Commenting on the trend, Interactive Commodities Director Adnan Agar said the market was standing at a lower level, with prices fluctuating between a high of $4,640 and a low of $4,524. They were later hovering near $4,540.

He noted that recent tensions involving Iran, including reports of attacks on ships, added to uncertainty. Although the United States has denied that it was their ship, the situation points to a potential low-scale conflict, which has paradoxically pressured gold as rising oil prices strengthen the dollar.

Looking ahead, Agar highlighted strong technical support for gold in the $4,400-4,440 range, suggesting it was unlikely to fall below that level and might witness a reversal.