Iran has 15 gold mines, with the biggest being the Zarshouran mine positioned within the nation’s northwest. PHOTO: PIXABAY
KARACHI:
Gold and silver costs fell on Monday, each internationally and in native markets as international shopping for slowed, together with by international locations resembling China and Russia, and profit-taking by worldwide market gamers impacted charges.
Within the worldwide bullion market, the worth of gold dropped by $32 per ounce to $5,010. In native markets, this translated to a lower of Rs3,200 per tola, bringing the worth to Rs523,762 per tola, whereas the worth per 10 grams of gold declined by Rs2,743 to Rs449,041.
Equally, silver costs within the worldwide market fell by 55 cents per ounce to $76.80. Within the native market, the worth of silver per tola decreased by Rs55 to Rs8,164, and per 10 grams fell by Rs47 to Rs6,999.
In line with the most recent information from the State Financial institution of Pakistan, the nation’s gold reserves have reached 64.76 tonnes, valued at $1.0374 billion.
In January 2026 alone, the worth of gold reserves elevated by $127.9 million. In the course of the first seven months of the present fiscal yr, Pakistan’s gold reserves rose by $350 million, in contrast with $684 million in June 2025.
Spot gold fell 0.7% to $5,007.70 per ounce by 0858 GMT, after shedding greater than 1% earlier within the session.
US gold futures for April supply misplaced 0.4% to $5,027.90 per ounce.
In the meantime, spot silver misplaced 0.4% to $77.09 per ounce after a 3% drop earlier within the session. The metallic had risen 3.4% on Friday.
Spot platinum slipped 0.9% to $2,043.60 per ounce, whereas palladium shed 0.3% at $1,681.34.
Learn: Gold surge indicators greenback’s wobbly reign
Peter David Schiff, an American stockbroker and monetary commentator, on a current FoxNews present stated, “The greenback goes to break down. The greenback goes to get replaced by gold. Central banks are shopping for gold to again up their currencies. They’re eliminating {dollars}. They’re eliminating treasuries. We’re headed for an financial disaster that may make the 2008 monetary disaster appear to be a Sunday faculty picnic”.
Schiff’s evaluation might sound stark, however this is not exaggeration. It is not doom-saying. It is taking place – now, in actual time. The yellow treasured metallic posted unprecedented positive factors all through 2025, hovering as a lot as 55% over the yr.
The tempo dramatically accelerated in early 2026, pushing costs previous $5,000 per ounce and briefly above $5,200 earlier than an equally dramatic pullback. As of February 12, gold was buying and selling close to $5,070 – nonetheless holding firmly above the psychologically crucial $5,000 threshold.
