At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
Gold and silver prices declined on Tuesday in both international and local markets.
In the international bullion market, the price of gold fell by $90 per ounce to $4,920. Locally, the price of 24-carat gold per tola dropped by Rs9,000 to Rs514,762, while the price per 10 grams fell by Rs7,716 to Rs441,325.
Similarly, silver prices fell, with the local rate per tola decreasing by Rs150 to Rs8,014 and per 10 grams dropping by Rs129 to Rs6,870.
Spot gold dropped 1.5% to $4,918.65 per ounce by 0933 GMT after losing over 2% earlier in the session. US gold futures for April delivery lost 2.2% to $4,937 per ounce.
Spot silver fell 2.5% to $74.63 per ounce, after dropping over 5% earlier.
Spot platinum fell 2.5% to $1,991.01 per ounce, while palladium lost 3.1% to $1,670.92.
Read: Gold falls Rs3,200 amid global holidays
Earlier on Monday, gold prices in Pakistan followed declines in the international bullion market, where prices slipped more than 1% amid thin trading, as major markets in the United States and parts of Asia remained closed for holidays and a stronger dollar weighed on sentiment.
In the local market, the price of gold per tola dropped by Rs3,200 to settle at Rs523,762. Similarly, the price of 10-gram gold fell by Rs2,743 to Rs449,041, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association.
The latest decline comes after a sharp rise over the weekend, when the per-tola rate surged by Rs7,000 to close at Rs526,962. Silver prices also moved lower in the domestic market on Monday, decreasing by Rs55 to Rs8,164 per tola, reflecting the broader weakness in precious metals.
Market participants said the absence of key trading centres reduced liquidity and amplified price swings, while the strengthening US dollar exerted additional pressure on bullion, which typically moves inversely to the greenback.
Adnan Agar, Director at Interactive Commodities, said global gold markets were experiencing slow activity due to the US bank holiday, with early closure of trading hours further limiting participation.
“The market touched a high of $5,030 and was later near its day’s low around $4,974,” he noted, adding that the immediate support level was around $4,920 per ounce.
According to Agar, a sustained break below this support could expose gold to deeper losses. “If the market closes below $4,920, there is a possibility of prices sliding towards the $4,600 level,” he said.
