Gold Prices Surge Amid Middle East Tensions

Gold prices have soared to unprecedented levels in both domestic and international markets, driven by escalating tensions in the Middle East and the resulting surge in oil prices. The Sarafa Association reported that the price of 24-karat gold in Pakistan rose by Rs600 to reach a historic high of Rs245,700. Similarly, the price of 10 grams of gold surged by Rs514 to close at a record high of Rs210,648 in the domestic market.

On the global front, the price of gold increased by $5 to settle at $2,355 per ounce. In contrast, silver prices remained stable in Pakistan at Rs2,650 per tola and Rs2,271.94 per 10 grams. The recent tensions between Iran and Israel over Gaza, coupled with the US central bank's decision to lower interest rates, have significantly impacted the demand for gold, leading to its price hike. Moreover, the rising oil prices in the international market have further fueled the demand for this precious metal.

In conclusion, the current geopolitical uncertainties and economic factors have propelled gold prices to unprecedented levels, making it a lucrative investment option for many investors amidst the volatile market conditions.