ISLAMABAD: Following the announcement of the US-Iran ceasefire, gold prices in Pakistan have witnessed a massive surge, once again crossing the 500,000 mark. The domestic bullion market responded sharply to a significant increase in prices in the global market, leading to record-breaking hikes across all categories of precious metals.
The price of gold per tola saw a staggering increase of Rs 15,700, bringing the new price to Rs 504,162. Similarly, the price of 10 grams of gold rose by Rs 13,460, reaching a new peak of Rs 432,237. Silver prices also followed the upward trend, with the per tola price increasing by Rs 440 to settle at Rs 8,184.
While the ceasefire has triggered a “safe-haven” buying spree in the gold market, it has had the opposite effect on energy sectors. A major reduction in the prices of petroleum products is now expected in Pakistan following the decline in global oil prices triggered by the diplomatic breakthrough.
