Gold prices continued their downward trend in Pakistan on Friday, reflecting declines in the international market. According to the All Pakistan Gems and Jewellers Association, the per tola rate of gold dropped by Rs8,100, closing at Rs491,362. Likewise, the price of 10 grams fell by Rs6,945, settling at Rs421,263.
The global bullion market also saw a notable fall, with the price per ounce decreasing by $81 to $4,686. Silver followed a similar trajectory, with its per tola price dropping Rs50 to Rs7,684, just ahead of the Eidul Fitr holidays.
Meanwhile, oil prices eased as geopolitical tensions showed signs of stabilization. European nations and Japan offered to support safe passage of ships through the Strait of Hormuz, while the United States announced plans to boost oil supply. Brent crude futures decreased by 39 cents, or 0.4%, reaching $108.26 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped 87 cents, or 0.9%, to $95.27 per barrel.
Despite Friday’s losses, Brent remained on track for a nearly 5% gain over the week, driven by earlier disruptions in the Gulf region following Iranian attacks on oil and gas facilities. These attacks had temporarily reduced production and sparked concerns over global energy supply. The declines in both metals and oil highlight the ongoing sensitivity of commodity markets to international developments and geopolitical risks, even as short-term measures by major economies provide temporary stability.
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