KARACHI – Gold prices in Pakistan witnessed decline for second consecutive day as investors weigh on ongoing Middle East tensions.
Data shared by All Pakistan Gems and Jewellers Association showed per tola gold prices plunged by Rs4,600 to settle at Rs427,436.
Similarly, the price of 10-gram gold fell by Rs3,944 with new rate settling at Rs366,457.
The precious commodity also recorded downward trend in international market as per ounce rage dropped by $46 to reach $4,050.
Silver prices in Pakistan registered a decline of Rs61 to reach Rs6,309 per tola while the rate of 10-gram plunged by Rs53 to close at 5,408.
Meanwhile, oil prices in international market remained elevated on Friday as traders weighed the potential impact of heightened tensions in the Middle East on energy supplies and maritime trade.
Brent crude continued to trade above the $100-a-barrel mark, reflecting sustained market concerns over possible disruptions to shipping through the Red Sea.
The benchmark was quoted at $101.06 a barrel in early trading, extending gains after closing above $100 in the previous session for the first time since May. Brent was also on track to post a weekly increase of about 14.6%, marking a fourth consecutive week of gains.
The market’s latest advance followed claims by Houthi fighters that they had targeted two Saudi oil tankers in the Red Sea, raising fresh concerns over the security of a key global shipping route.
Meanwhile, U.S. benchmark West Texas Intermediate (WTI) crude held near $91.20 a barrel. Although trading was largely steady, the contract remained at its highest level since June 11 and was set for a weekly gain of approximately 11.8%.
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