KARACHI (Dunya News) – Gold and silver opened the new business week lower in Pakistan as global markets continued to trend downward on Monday.
According to jewellers association, gold prices dropped significantly, with the per tola rate falling by Rs1,600 to close at Rs495,362. Similarly, the price for 10 grams declined by Rs1,371, settling at Rs424,693.
The international bullion market also reflected a decline, with gold losing $16 per ounce to trade around $4,730.
Silver prices in Pakistan followed the downward trend, with the per tola rate decreasing by Rs130 to reach Rs7,934.
Meanwhile, Pakistan Stock Exchange (PSX) opened the new trading week under pressure following the announcement by the United States of a potential blockade on Iranian ports.
During early trading, the KSE-100 index dropped more than 5,000 points, reaching 161,659, down from last week’s closing level of 167,191.
The decline reflects investor concerns after US-Iran talks failed to produce a resolution, raising fears of increased geopolitical tensions.