KARACHI: Gold and silver prices continued their sharp decline in Pakistan on Saturday, mirroring fluctuations in the global market as investors booked profits despite escalating tensions between the United States and Iran.
According to the Sarafa Association, the price of gold dropped by Rs25,500 per tola, bringing it down to Rs511,862. Over the last two days, gold has lost a total of Rs61,000 in value, including a steep Rs35,500 fall recorded on Friday.
In the international market, gold prices also fell sharply, declining by $255 to settle at $4,895 per ounce.
Market analysts said investors turned cautious and opted to lock in gains as expectations for major interest rate cuts in the US weakened, while the dollar remained firm.
On Friday, US President Donald Trump announced the nomination of former Federal Reserve Governor Kevin Warsh as the next head of the central bank. Following the announcement, the dollar index strengthened as markets reacted to the expected policy direction under Warsh’s leadership.
Silver Prices in Pakistan Today
Silver prices also witnessed a notable drop in the local market. The per tola rate fell by Rs2,063, pushing the new price down to Rs9,006.