Gold, silver prices fall in Pakistan after global market trend

Gold and silver prices declined in both international and domestic markets on Friday.

In the international bullion market, spot gold was up slightly by 0.3% at $5,095.55 per ounce as of 0633 GMT, while US gold futures for April delivery fell 0.1% to $5,100.20.

Spot silver dropped 1% to $82.91 per ounce. Meanwhile, spot platinum lost 1% to $2,111.45, and palladium declined 1% to $1,603 per ounce.

Locally, the price of gold per tola decreased by Rs7,100 to Rs533,262, while per 10 grams it fell by Rs6,087 to Rs457,186.

Silver per tola lost Rs324, settling at Rs8,851, and per 10 grams it decreased by Rs278 to Rs7,588.

Read: Local gold prices rise following gains in global market

Earlier on Monday, oil prices were up about 8%, paring gains after hitting their highest since 2022 earlier in the session, as Saudi Arabia and other OPEC members cut supplies due to disruptions from the expanding US-Israeli illegitimate war with Iran.

Brent futures rose $7.21, or 7.8%, to $99.90 a barrel at 1643 GMT, while US WTI crude rose $4.50, or 5.0%, to $95.40.

In early trade, Brent soared to a high of $119.50 a barrel, its biggest-ever absolute price jump in a single day. WTI hit a high of $119.48.

Since the United States and Israel attacked Iran on February 28, Brent has surged by as much as 65% and WTI 78%.

Monday's prices compare with all-time highs of $147.50 a barrel for Brent and $147.27 for WTI in July 2008, according to LSEG data.