KARACHI: The gold prices in Pakistan have been reduced to Rs 424,136 following a reduction of 5,600 today, according to the All Pakistan Gems and Jewelers Association.
According to the association, the price of 10 grams of gold has decreased by Rs 4,801 to Rs 363,628.
On the other hand, the price of gold in the global market has decreased by $ 56 to $ 4,017 per ounce.
In another development, escalating tensions between the United States and Iran have once again unsettled global oil markets, raising concerns about a potential increase in petroleum prices in Pakistan.
Fears surrounding a possible disruption of shipping through the Strait of Hormuz have pushed international crude oil prices sharply higher.
In recent days, US crude oil prices have climbed to around $82 per barrel, while Brent crude has risen to approximately $84 per barrel. Just weeks earlier, the two benchmarks were trading near $68 and $71 per barrel, respectively.
Experts warn that countries heavily dependent on imported petroleum products, including Pakistan, could face increased economic pressure if the upward trend in global oil prices continues.
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