From An All-Time High Of $5,595 Per Ounce Earlier In 2026 To $4,453 Today. Gold Has Lost Approximately 16% Since The US-Iran War Began In February, Caught In A Paradox Where The Same War That Should Lift It Is Simultaneously Keeping The Dollar And Interest Rates High
According to ProPakistani citing the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola in Pakistan fell by Rs 1,469 on Friday to settle at Rs 467,816. The price of 10 grams also declined by Rs 1,323 to Rs 401,012. Thursday’s session had seen gold gain Rs 1,523 per tola, making Friday’s decline a partial reversal of those gains. Silver simultaneously lost Rs 67 per tola to settle at Rs 7,730.
Internationally, gold steadied above $4,450 an ounce on Friday, holding onto gains from the previous session as hopes persisted that the US and Iran could still reach a diplomatic solution to end the conflict and reopen the Strait of Hormuz. The international spot price settled at $4,453 per ounce, down $14 on the day.
Since the conflict began in late February, gold has lost about 16% as surging oil prices stoked inflation fears and raised the likelihood of higher interest rates. The metal’s unusual behaviour; declining despite an active geopolitical war reflects a paradox: the US-Iran conflict has created a structurally unusual dynamic where the very event that should trigger gold’s safe-haven bid is simultaneously stoking inflation and keeping the Fed pinned at restrictive rates.
Markets were also watching US employment data released Friday, which analysts expected to influence the Federal Reserve’s near-term rate stance. Metals Focus forecasts gold will resume its bull run in the second half of the year but expects demand to fall by 2% in 2026.
To check out our previous coverage on metal rates in Pakistan and global commodities, read our articles here.
