Gold prices declined in both international and local markets on Tuesday as global bullion rates showed a weaker trend.
In the international market, gold dropped by $35 per ounce, bringing the global rate down to $3,980 per ounce. As of 0839 GMT, spot gold slipped 0.1% to $3,996.68 per ounce after an earlier fall of 0.9%, while US gold futures for December delivery were down 0.2% at $4,007.70 per ounce.
In line with the global market, local gold prices also saw a decline. The price of 24-karat gold fell by Rs3,500 per tola, settling at Rs420,362 per tola, while the rate for 10 grams dropped by Rs3,001 to Rs360,392.
Among other precious metals, spot silver remained unchanged at $48.04 per ounce, platinum slipped 0.3% to $1,561.15, and palladium fell 1.9% to $1,417.02 per ounce.
Meanwhile, gold reserves worth $636 billion have reportedly been discovered in Tarbela. The announcement 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 discussion at the Karachi Press Club on Monday.
Gohar said the newly found gold reserves could potentially clear Pakistan’s foreign debt, adding that the matter had already been taken up with the Special Investment Facilitation Council (SIFC) and the State Bank of Pakistan (SBP) governor.
He shared that contact had been made with Australian and Canadian drilling companies for exploration. “As soon as we receive directives from the prime minister, the process of extracting gold from Tarbela’s soil will begin,” he said.
Talking about Air Karachi, Gohar announced that the airline’s domestic flights would begin on March 23, 2026, with an initial fleet of three to five Airbus aircraft. International flights are expected to start a year later, following the successful launch of domestic operations.
Gohar also revealed that Hyderabad’s first four-star hotel is being built on five acres of land. He emphasized that Pakistan cannot reduce its budget deficit without strengthening the construction industry and noted that development work in Karachi continues despite challenges in the city’s infrastructure.