KARACHI: Gold prices in Pakistan declined on Wednesday, August 19, in line with a drop in international bullion prices amid continued geopolitical uncertainty.
According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold fell by Rs3,700 per tola to Rs458,236.
The price of 24-karat gold per 10 grams also decreased by Rs3,172 to Rs392,862.
In the international market, gold prices dropped by $37 to $4,358 per ounce, according to the association.
Silver Prices
Silver prices also declined in the local market. The price of silver fell by Rs186 per tola to Rs6,800.
Investors continued to closely monitor developments in the Middle East as Iran and the United States remained at odds over efforts to reach a permanent end to the conflict in the Gulf.
Shipping through the Strait of Hormuz slowed on Wednesday, with most shipowners avoiding the key waterway amid a lack of clear signals regarding its reopening following a blockade during the Iran war, according to data.
Read More: Oil climbs as fading US-Iran peace hopes raise supply risks
Six commodity vessels crossed the strait on Tuesday by 0258 GMT, down from nine a day earlier and below the 10-day daily average of 11, Kpler data showed.
Inbound traffic included an empty very large crude carrier that travelled along the Omani side of the strait, along with two tankers—one medium-range vessel and one intermediate vessel, the data showed.
Gold is traditionally regarded as a safe-haven asset during periods of geopolitical and economic uncertainty. Its price is sensitive to changes in global risk sentiment, inflation expectations and interest-rate expectations.
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