KARACHI: Gold prices reached an all-time high of Rs93,400/tola in Pakistan on Tuesday amid US-Iran tensions.
After the killing of Iranian general Qassem Soleimani in Baghdad last week, Tehran and Washington are at direct odds disrupting various investment markets. According to the reports, in the local market, gold jumped Rs2,600 or 2.86 percent from Rs90,800/tola to Rs93,400/tola.
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President All Sindh Saraf Jewellers Association Haroon Chand said the friction between Iran and the US was the main cause behind the rise in international gold prices, while other factors also contributed. Local jewelers stated that the 10-gram gold price also rose from Rs2,230 to Rs80,075.
The precious metal prices rose from $26 to $1,578 an ounce on the international market, the highest in the last five months.
Chand said, “Whenever there are confusion and a crisis like war around the globe, people are investing in gold, which is considered a safe haven.”
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