Gold Rate Today in Pakistan | Bad News for Gold Holders | Must Watch Full Details

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Gold prices drop over Rs12,000 locally after fresh US–Iran strikes
Gold and silver prices witnessed a significant decline on Wednesday in both global and local markets after a one-day pause, as fresh fighting in the Middle East dimmed hopes of a resolution to the US–Israeli war with Iran, heightening concerns about inflation and potential interest rate hikes.

In the international bullion market, spot gold was down 2.1% at $4,172.44 per ounce, its lowest level since March 23. US gold futures ​for August delivery shed 2.1% to $4,195.60.

Following international trends, gold and silver prices in Pakistan also recorded a significant decline. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs12,627 to settle at Rs442,436.

Similarly, the price of 10 grams of gold decreased by Rs11,364 to Rs378,170.

Silver prices also declined, with the per tola rate falling by Rs385 to Rs6,929. The price of 10 grams of silver also dropped by Rs352 to Rs5,893.

Iran’s Revolutionary Guards said they had carried out missile and drone attacks on US military bases in Jordan, Kuwait and Bahrain in retaliation for American strikes on Iranian targets around the Strait of Hormuz.

The clashes mark one of the biggest exchanges of hostilities since the two countries agreed to a ceasefire in April.

Bullion has fallen more than 20% since the US-backed war with Iran began in late February. The conflict has led to a surge in oil prices, stoking fears of inflation and higher interest rates.

While gold is traditionally seen as a hedge against inflation, higher interest rates typically weigh on the non-yielding metal.

Investors are now awaiting May Consumer Price Index data later in the day and the Producer Price Index reading on Thursday to gauge the Federal Reserve’s monetary policy stance, after a strong jobs report last week raised bets on further rate hikes.

Spot silver fell 2.1% to $63.99 per ounce, platinum dropped 3.1% to $1,673.97, and palladium fell 0.4% to $1,217.

On Tuesday, gold and silver prices rose in both global and local markets after a three-day pause. In the international bullion market, the price of gold per ounce increased by $28.29 to reach $4,326.27.






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