KARACHI: Gold prices in Pakistan declined on Monday, August 31, in line with a downward trend in international bullion prices amid continued geopolitical uncertainty.
According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold fell by Rs1,800 per tola to Rs466,136, compared with Rs467,936 on the previous working day.
The price of 24-karat gold per 10 grams also declined by Rs1,543 to Rs399,636 from Rs401,176.
In the international market, gold prices fell by $18 per ounce to $4,436 from $4,454, according to the association.
Silver prices also recorded a decline. The price of silver fell by Rs67 per tola to Rs7,179, compared with Rs7,112 a day earlier.
Investors continued to closely monitor developments in the Middle East amid ongoing tensions and diplomatic efforts aimed at reaching a lasting resolution to the conflict in the Gulf.
Meanwhile, Iran’s energy hub of Kharg Island was reportedly being “blown to smithereens,” US President Donald Trump said in a one-line social media post on Sunday, accompanied by an AI-generated video clip.
There was no other evidence that the Iranian energy hub was under attack. The White House and the US Defense Department did not immediately respond to Reuters’ requests for comment outside regular business hours.
Read more: Trump says Iran’s Kharg is being ‘blown to smithereens’, but gives no details
There was also no immediate response to Trump’s post from Iranian media.
“Kharg Island being blown to smithereens!!! President DJT,” Trump said on social media, without providing further details.
Reuters confirmed that the accompanying video clip, which showed dramatic explosions, was most likely synthetically generated, based on an assessment using software designed to detect AI-manipulated imagery.
Kharg Island handled about 90% of Iran’s oil exports before the war launched by US and Israeli attacks on February 28. An attack on the island would severely disrupt Iran’s energy trade and place significant additional pressure on its economy.
