Gold prices fell sharply in Pakistan on Wednesday, tracking a steep decline in the international bullion market as investors continued to assess geopolitical developments in the Middle East.
The price of 24-karat gold dropped by Rs11,300 per tola, settling at Rs454,036 compared with Rs465,336 in the previous trading session, according to rates issued by the All Pakistan Sarafa Gems and Jewellers Association.
The price of 24-karat gold per 10 grams declined by Rs9,688 to Rs389,262, down from Rs398,950.
Internationally, gold fell $113 an ounce to $4,315, compared with $4,428 previously, the association said.
Silver prices also moved lower in the domestic market, falling Rs270 per tola to Rs6,859 from Rs7,129.
The decline came despite renewed military tensions in the Middle East, where investors have been closely watching developments involving the United States and Iran and their potential impact on energy markets and demand for traditional safe-haven assets.
Iran’s Islamic Revolutionary Guard Corps said Wednesday that it had carried out coordinated missile and drone attacks against US bases in Erbil in Iraq’s Kurdistan region. The IRGC claimed the strikes damaged several US facilities and equipment, although the claims were not independently confirmed.
The attacks followed fresh US airstrikes against Iranian targets on Tuesday, further weakening hopes that the latest exchange of fire could be contained.
Energy markets have also been under pressure from the conflict. Oil prices had already risen following renewed direct US-Iran attacks and reports that two tankers were struck while leaving the Strait of Hormuz, a crucial route for global energy supplies whose disruption has heightened concerns over international oil flows.