Gold rates decrease in Pakistan as US, Israel bombed Iran

ISLAMABAD: Gold rates decreased, and the stock market witnessed a downward trend in Pakistan as investors awaited possible retaliation from Iran following U.S. attacks on its nuclear sites, with risks to global trade.

The rates of 24 karat per tola gold decreased by Rs300 and was traded at Rs358,165 on Monday as compared to its sale at Rs358,465 on the last trading day, All Pakistan Sarafa Gems and Jewelers Association reported.

The prices of 10 grams of 24 karat also decreased by Rs257 to Rs307,068 from Rs307,325 and for 10 grams of 22 Karat it came down by Rs235 to Rs281,489 from Rs281,724.

The rates of per tola and ten gram silver increased by Rs14 and Rs12 to Rs3,799 and Rs3,257 respectively.

The price of gold in the international market decreased by $3 to $3,366 from $3,369, whereas that of silver went up by $0.14 to $36.15, the Association reported.

Gold has long held a reputation as a symbol of wealth and a store of value. Beyond its traditional use in jewelry, the precious metal is widely regarded as a financial safe haven during times of economic uncertainty and geopolitical unrest.

In recent years, gold’s safe-haven status has been reaffirmed, as investors seek shelter from the storms of global economic and political instability.

Read More: PSX plunges as KSE-100 sheds 3517.05 points after US strikes on Iran

Gold’s appeal as a safe-haven asset is not limited to institutional investors.

Individual investors, seeking to protect their wealth from market volatility and economic uncertainty, have also turned to gold.