KARACHI – Gold prices in Pakistan saw a significant drop on Tuesday (28 April 2026) as rising oil prices has kept inflation concerns high amid stalled US-Iran talks and disruption in energy supplies due to blockade at the Strait of Hormuz.
The gold price registered a decline of Rs8,900 with per tola rate settling at Rs485,062 while the price of 10-gram dropped to Rs415,86 after a decline of Rs7,630.
The downward trend in local markets reflects the decreasing gold rates in international market as business community is closely monitoring the Middle East situation.
Gold prices dropped to a three-week low in international market amid persistent inflation worries driven by rising oil costs.
Spot gold slipped 1.1% to $4,628.63 per ounce as of 0746 GMT, marking its lowest level since April 7. Similarly, U.S. gold futures for June delivery fell 1.1% to $4,642.90.
Market sentiment was further pressured after a US official revealed that President Donald Trump expressed dissatisfaction with Iran’s recent proposal to resolve the ongoing two-month conflict.
Concerns over the unresolved situation, which has disrupted energy supplies, driven up inflation, and caused significant casualties, added to the bearish outlook for gold.
What’s Expected in Gold Prices This Week
An analyst told international media that geopolitical developments are the key drivers behind the gold prices.
He said if the US and Iran reach a deal this week, the dollar should weaken and the gold is expected to rebound strongly.
