Gold prices in Pakistan continued to climb for the second straight day, recording another significant increase in both local and global markets.
According to the All Pakistan Gems and Jewellers Association, the price of one tola of Gold increased by Rs12,200, taking the new rate to Rs440,936. The price of 10 grams of Gold also saw a notable rise of Rs10,459, reaching Rs378,031.
The increase in local prices came after a sharp rise in the international market, where Gold gained $122 per ounce, pushing the global price to $4,185 per ounce.
This latest jump follows another major increase recorded a day earlier, when the price of one tola of Gold rose by Rs9,100. The back-to-back gains indicate that the precious metal continues to attract strong demand amid ongoing market uncertainty.
Meanwhile, international oil prices moved in the opposite direction, with Brent crude falling to its lowest level in four months. The decline has raised hopes that petroleum product prices in Pakistan could be reduced during the next official price review.
During trading in global energy markets, crude oil prices remained under pressure as investors reacted to concerns over slowing global economic growth and weaker demand for fuel. Market uncertainty continued to weigh on oil prices throughout the trading session.
Brent crude dropped by 73 cents, or 1.02 percent, to settle at $70.65 per barrel in international trading.
According to market analysts, oil prices have remained volatile in recent weeks. However, the latest decline has pushed Brent crude to its lowest level in four months. Experts believe concerns about the global economy and expectations of softer energy demand are the main reasons behind the downward trend.
If international crude oil prices continue to fall in the coming days, Pakistan may also witness a reduction in domestic fuel prices during the next pricing review. Lower petroleum prices could provide some relief to consumers, even as Gold prices continue to rise in local and international markets.
Also Read: Gold Prices Drop Sharply Following Global Decline
