Gold extends losses for second day in global, domestic markets

Gold prices declined for a second consecutive day in both international and domestic markets on Friday. In the international market, gold fell by $10 per ounce to $4,445, leading to a further drop of Rs1,000 in the local market. Following the decline, the price of gold per tola fell to Rs467,262, while the price per 10 grams decreased by Rs858 to Rs400,601. In the international market, the price of silver per ounce stood at $69.70. In the local market, silver per tola fell by Rs30 to Rs7,454, while the price per 10 grams declined by Rs26 to Rs6,390. Spot gold rose 2% to $4,466.38 per ounce as of 0637 GMT. ​The commodity has fallen about 0.5% so far this week. US gold futures for April delivery ​gained 1.9% to $4,461. Spot silver rose 3.1% to $70.10 per ounce. Spot platinum gained 3.5% to $1,891.02, while palladium rose 3.3% ​to $1,398.30. Read: Gold rollercoaster continues, up Rs15,200 Earlier on Wednesday, gold prices in Pakistan recorded a sharp increase, continuing the trend of massive fluctuations seen in recent days. The per-tola price rose by Rs15,200 to reach Rs479,262, while 10-gram gold climbed to Rs410,889 after a gain of Rs13,031, according to the All-Pakistan Gems and Jewellers Sarafa Association. On Tuesday, gold had surged by Rs16,300 to Rs464,062 per tola. Before that, it had plunged by around Rs43,000. The local gains mirrored movements in the international market, where spot gold rose nearly 2% to $4,554.97 per ounce after hitting a four-month low on Monday. US gold futures for April delivery jumped 3.5% to $4,553.60, as per Reuters. Analysts said the rise comes amid easing inflation concerns following a drop in oil prices, although geopolitical uncertainty in the Middle East continues to influence market sentiment. Silver also saw a modest uptick, with prices increasing by Rs370 per tola to Rs7,824.