Gold prices in Pakistan dropped for the third consecutive day today, on Wednesday, in line with a downward trend in the international bullion market.
In the global market, gold prices fell by $12 per ounce, bringing the rate down to $4,766 per ounce.
Following the international dip, the price of 24-karat gold in Pakistan dropped by Rs1,200 per tola, settling at Rs498,962 per tola.
Similarly, gold prices per 10 grams decreased by Rs1,029, reaching Rs427,779.
Silver rates also recorded a decline, with per tola prices falling by Rs34 to Rs8,324, while the price per 10 grams dropped by Rs29 to Rs7,136.
Attock Refinery closes key unit due to blocked roads
Attock Refinery Limited (ARL) earlier shut down its main crude distillation unit after road closures disrupted the movement of oil tankers to and from the facility.
In a regulatory filing submitted to the Pakistan Stock Exchange (PSX) and the Securities and Exchange Commission of Pakistan (SECP), the company said the restrictions had severely impacted both the supply of crude oil and the dispatch of refined petroleum products.
ARL, the only oil refinery operating in northern Pakistan, supplies fuel to large parts of central and northern Punjab, Khyber Pakhtunkhwa, Azad Jammu and Kashmir, and Gilgit-Baltistan.
The company stated that its main unit, HBU-I, with a capacity of 32,400 barrels per stream day, has been shut down until traffic conditions improve. It added that stocks of Motor Spirit (MS) and High-Speed Diesel (HSD) have surged due to halted dispatches, while crude oil receipts have declined significantly.
According to the filing, the disruption was caused by an abrupt suspension of oil tanker movement amid road closures linked to the expected arrival of foreign delegates in Islamabad, directly affecting refinery operations.
The disclosure was made in compliance with PSX regulations and relevant provisions of the Securities Act, 2015, with the company requesting the exchange to share the information with all concerned stakeholders.
Also read: Pakistan gold rates decline despite rise in international prices
