- July 17, 2026
- Posted by: Tresmark
- Category:
Gold prices remained near a two-week low on Friday and were on track for their biggest weekly decline in six weeks, as escalating tensions between the United States and Iran pushed oil prices sharply higher. The surge in energy costs has stoked fresh inflation concerns and reinforced expectations that U.S. interest rates could stay elevated for longer.
Spot gold edged up 0.3% to $3,980.64 an ounce after touching its lowest level since July 1 earlier in the session, while U.S. gold futures for August slipped 0.2% to $3,984.10.
The precious metal has fallen around 3% so far this week. Silver, platinum, and palladium were also heading for their worst weekly performance in three weeks. Meanwhile, oil prices have surged roughly 12% over the week, deepening worries that persistent inflation could delay further monetary policy easing by the Federal Reserve.
On the international front, gold was trading at $3,994.81 per ounce, while silver stood at $55.47 per ounce.
Back home, the local gold market in Pakistan continued to mirror these global movements. The price of 24 karat gold was recorded at Rs 427,000 per tola, with 10 grams trading at Rs 366,090 and a single gram priced at Rs 36,609. Local gold prices in Pakistan continue to track international movements closely, with the rupee value of gold remaining elevated even as global spot prices ease slightly, reflecting the impact of currency exchange rates and local demand.
Rates are indicative and subject to change based on international market movements and currency fluctuations.
