KARACHI: Gold prices in the domestic market plunged sharply on Thursday, tracking a global pullback triggered by renewed geopolitical tensions and profit-taking after a four-day rally.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold dropped by Rs.7,100 to Rs.486,962 per tola. The 10-gram rate fell Rs.6,087 to Rs.417,491, while 22-karat gold was quoted at Rs.382,713 per 10 grams, down Rs.5,580.
Silver also witnessed a decline, with the 24-karat tola rate slipping Rs.350 to Rs.7,634 and the 10-gram price falling Rs.300 to Rs.6,544.
Internationally, spot gold was last seen trading at $4,642 per ounce, down $71 from the previous session. The metal had earlier touched its highest levels since March 19 before U.S. President Donald Trump’s televised vow to strike Iran “extremely hard” within weeks triggered a shift in investor sentiment.
“Gold is pulling back after two superb days, as President Trump was quite bellicose in his tone… it suggests the optimism of the last few days was overexuberant,” said independent metals trader Tai Wong.
The global retreat in gold prices comes amid a surge in oil markets, with Brent crude jumping 5% to $106.42 per barrel. Analysts say the spike in energy prices and heightened geopolitical risk have prompted investors to rebalance portfolios, weighing inflation hedges against safe-haven assets.
Local traders expect volatility to persist ahead of the long weekend, with bullion prices likely to remain sensitive to global cues and currency fluctuations.
