ISLAMABAD – Gold prices saw significant decline in Pakistan on Thursday after registering a surge in previous three sessions amid global uncertainty.
Data shared by All Pakistan Gems and Jewellers Association showed per tola price dropped by Rs7,100 to settle at Rs486,962.
Similarly, the price of 10-gram fell by Rs6,087, bringing new rate to Rs417,491 in local market.
The precious commodity witnessed downward trend in international market where per ounce rate plunged by $71 to drop to $4,642.
Furthermore, silver prices dropped by Rs350 per tola with new rate settling at Rs7,634.
Meanwhile, Pakistan Stock Exchange (PSX) recorded a massive decline on Thursday as investors reacted to US President Donald Trump’s warning of intensifying attacks on Iran to complete military objectives.
During intraday trading, the KSE-100 index shed 3,642.09 points to drop to 151,869.47 points, marking a change of 2.34 percent.
A day earlier, the stock market witnessed a strong bullish trend, moving up by 6,768.25 points, a positive change of 4.55 percent, to close at 155,511.57 points.
The bearish trend in today’s trading comes after the Trump’s primetime address to the nation where he indicated that the US-led military campaign in Iran, conducted alongside Israeli forces, could reach its conclusion within the coming weeks, while warning that operations would intensify in next two or three weeks before any resolution.
Trump described the conflict as a decisive victory, asserting that the U.S. was “very close” to completing its objectives in Iran. “We are going to hit them extremely hard over the next two to three weeks,” he said, adding that Tehran would be pushed back to what he termed the “Stone Ages.”
