Gold prices started increasing again in the gold bullion markets across Pakistan as well in global bullion market as the new prices witnessed increase of Rs 15300 in Per Tola of Gold.
According to the All Pakistan Gold Gems and Jewelers Association, the price of gold per tola increased by Rs 15,300 to Rs 494,062. The price of 10 grams of gold in the country increased by Rs 13,117 to Rs 423,578. On the other hand, the price of gold in the global market will increase by $ 153 to $ 4,713 per ounce.
The ongoing tensions between Iran and Israel and the blockade of ships in the Strait of Hormuz have disrupted the global supply chain, pushing up gold prices today. With crude oil prices rising above $100 per barrel, fears of global inflation have increased, leading to an increase in gold demand.
The uncertainty of the dollar globally and pressure on the rupee in the local market are also driving up gold prices.
According to international media reports, the price of gold rose by about 4 percent in a single day to above $4,550 per ounce after US President Donald Trump’s recent statement regarding negotiations with Iran.
This increase was seen when Trump indicated that Iran had made an ‘offer’ regarding energy transmission through the Strait of Hormuz, which is being considered as a breakthrough in possible peace talks.
According to reports, the talks may start from Thursday, but there has been no official response from Tehran yet. According to international media reports, after nine consecutive days of decline, traders suddenly changed their strategy and gold buying increased.
