Global markets experienced notable volatility on Friday, with gold prices declining sharply while oil prices surged amid escalating geopolitical tensions between the United States and Iran.
In Pakistan, gold prices saw a significant drop. The All Pakistan Sarafa Association reported that the price of gold per tola decreased by Rs 5,200, settling at Rs 493,762. Meanwhile, the price for 10 grams of gold fell by Rs 4,458 to Rs 423,321.
Internationally, gold prices also declined, with the rate per ounce dropping by $52 to close at $4,714. This downward movement reflects changing investor sentiment as markets respond to broader economic and geopolitical factors.
Conversely, global oil prices surged sharply amid rising tensions. Concerns over commercial ship seizures and potential disruptions to critical energy supply routes have heightened market uncertainty.
Brent crude prices increased by approximately 5 percent, reaching $106.80 per barrel and surpassing the $100 mark for the first time in two weeks. The rise is largely driven by fears surrounding the security of vital shipping lanes, especially the Strait of Hormuz.
In a significant development, US President Donald Trump announced that vessels navigating this strategic waterway would require approval from the US Navy, further intensifying worries about the stability of global oil supplies.
