According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola dropped by Rs 2,700 to settle at Rs 494,062, compared to Rs 496,762 in the previous trading session.Similarly, the price of 10 grams of 24-karat gold fell by Rs 2,315 to Rs 423,578 from Rs 425,893.In the international market, gold prices decreased by $27 to $4,717 per ounce from $4,744.

Meanwhile, silver prices moved upward, with the price per tola increasing by Rs 80 to Rs 8,525 from Rs 8,445.Market analysts attributed the fluctuations in bullion prices to shifting global geopolitical developments, particularly tensions and diplomatic activity involving the United States and Iran, along with broader economic uncertainty.Despite short-term volatility, analysts maintain a positive long-term outlook for gold, citing its continued appeal as a safe-haven asset during periods of economic and geopolitical instability.