KARACHI: Gold and silver prices continued their downward trend on Tuesday for the fourth straight session, driven by global geopolitical shifts and increased selling pressure in international markets.
Analysts say that heightened tensions between the United States and Iran have influenced investor behaviour, while demand for safe-haven assets like gold has temporarily eased due to broader market dynamics.
In the international bullion market, the price of gold dropped by $21 per ounce, falling to $4,555. The decline was reflected in local markets as well, where the price of per tola gold decreased by Rs.2,100 to reach Rs.477,862. Similarly, the price of 10 grams gold fell by Rs.1,801 to Rs.409,689.
Silver prices also declined in global trading, falling by 65 cents per ounce to $73.65. In domestic markets, the price of silver per tola decreased by Rs.65 to Rs. 7,849, while 10 grams silver dropped by Rs. 55 to Rs. 6,729.
Market observers attribute the recent downturn to profit-taking after record highs, along with pressure from a stronger US dollar and rising oil prices, which have impacted overall commodity sentiment.
Despite the short-term decline, some analysts believe that gold may continue to retain its long-term appeal as a safe-haven asset amid ongoing global uncertainty.
