KARACHI – Gold recorded another significant decline in domestic market on Friday amid downward trend in international market.
Data shared by All Paksitan Gems and Jewellers Association showed per tola gold price plunged by Rs8,100 to reach 491,362.
Similarly, the price of 10-gram dropped by Rs6,945, with new rate settling at Rs421,263.
The precious commodity witnessed a big drop in international bullion market as per ounce rate fell to $4,686 after a dip of $81.
Silver prices also recorded a downward trend as per tola price settle at Rs7,684 before the start of Eidul Fitre holidays after decline of Rs50.
Meanwhile, oil prices declined on Friday after major European countries and Japan offered to participate in measures to ensure the safe transit of ships through the Strait of Hormuz, while the United States announced plans to increase oil supply.
Brent crude futures dropped 39 cents, or 0.4%, reaching $108.26 per barrel at 0730 GMT. U.S. West Texas Intermediate (WTI) crude fell 87 cents, or 0.9%, to $95.27 per barrel.
Despite the daily decline, Brent was still poised for a nearly 5% gain over the week, following Iranian attacks on oil and gas facilities in the Gulf region, which had temporarily reduced production and raised concerns about global supply.
