KARACHI: Gold prices in Pakistan declined for the second consecutive day as investors continued to monitor developments in the Middle East and their impact on global financial markets. The latest decrease follows a downward trend in international bullion prices.
According to data released by the All Pakistan Gems and Jewellers Association, Gold prices per tola dropped by Rs4,600 on Friday. The new rate settled at Rs427,436 per tola after the latest decline.
The price of 10 grams of gold also recorded a significant decrease. It fell by Rs3,944, bringing the new price to Rs366,457.
Market experts said local gold rates generally follow international market trends. As global bullion prices weakened, domestic rates also moved lower.
In the international market, the price of gold per ounce fell by $46. Following the decline, the global rate settled at $4,050 per ounce.
The latest drop reflects changing investor sentiment as markets continue to assess geopolitical developments. Ongoing tensions in the Middle East remain one of the major factors influencing commodity prices worldwide.
Despite geopolitical uncertainty, Gold prices have moved lower over the past two trading sessions. Analysts say investors are closely watching global economic conditions and international events that could affect demand for safe-haven assets.
Silver prices also declined in Pakistan alongside gold. The price of silver per tola fell by Rs61, taking the new rate to Rs6,309.
Similarly, the price of 10 grams of silver dropped by Rs53. The revised rate now stands at Rs5,408.
While precious metals recorded losses, international oil prices remained elevated. Traders continued to monitor the potential impact of rising tensions in the Middle East on global energy supplies.
Brent crude continued trading above the $100-per-barrel mark during early trading. The benchmark reached $101.06 per barrel, extending gains after closing above $100 in the previous session.
The latest rise also placed Brent on track for a weekly gain of around 14.6 percent. If maintained, it would mark the fourth consecutive week of price increases.
The increase in oil prices followed reports that Houthi fighters claimed responsibility for targeting two Saudi oil tankers in the Red Sea. The incident renewed concerns about the security of one of the world’s most important shipping routes.
Meanwhile, U.S. benchmark West Texas Intermediate (WTI) crude traded near $91.20 per barrel. Although trading remained relatively stable, the benchmark stayed at its highest level since June 11.
WTI was also expected to record a weekly increase of approximately 11.8 percent. Rising oil prices continue to reflect concerns about possible disruptions to global energy supplies.
Financial markets remain sensitive to geopolitical developments, particularly those affecting energy transportation and international trade. Investors are expected to continue monitoring global events that may influence both commodity and financial markets.
In other news read more about Gold Prices Fall in Pakistan as International Market Declines
For now, Gold prices remain under pressure despite ongoing regional uncertainty, while energy markets continue to react to concerns over supply and shipping risks.
