Gold prices drop in Pakistan

Similarly, the price of 10 grams of 24-karat gold declined by Rs3,258 to Rs368,429, while 10 grams of 22-karat gold dropped by Rs2,987 to Rs337,738.In the international market, gold prices fell by $38 to $4,073 per ounce.Silver prices also recorded a decline. The price of silver per tola dropped by Rs123 to Rs6,339, while 10 grams of silver fell by Rs106 to Rs5,434. In the global market, silver prices declined by $1.23 to $58.60 per ounce, the association said.The decline comes as investors continue to monitor developments in the Middle East. Fresh attacks were reported in Iran and Kuwait on Sunday as tensions between Tehran and Washington escalated over the Strait of Hormuz, with conflicting claims over whether the strategic shipping route remains fully open.

Iran reported strikes on two of its southern islands, while Kuwait said border posts and an offshore oil platform had come under attack. The incidents followed another exchange of military strikes between Iran and the United States, adding uncertainty to diplomatic efforts aimed at easing regional tensions.

The ongoing conflict has kept financial markets on edge. Although gold is traditionally viewed as a safe-haven asset during periods of geopolitical uncertainty, analysts said recent declines reflect profit-taking by investors and shifting expectations over global interest rates.

Meanwhile, oil prices also edged higher, with Brent crude rising about 2% to $77.60 per barrel, though remaining well below the late-April peak of more than $120 per barrel.

Market analysts said gold prices are likely to remain volatile in the coming weeks, with movements driven by geopolitical developments, fluctuations in the US dollar, key economic data, and interest rate decisions by major central banks.