Gold prices witnessed an upward trend for the fourth consecutive day on Monday in the international market and reached their highest level in two months.
As per experts, the escalating tension between Iran and Israel has surged demand for the yellow metal as investors opt for safe-haven assets.
As of 0246 GMT, spot gold was up 0.3 per cent at $3,442.09 an ounce, after earlier touching its highest level since April 22. US gold futures also gained 0.3 per cent to $3,461.90.
In other precious metals, spot silver held steady at $36.29 an ounce, platinum rose 0.4 per cent to $1,233.87, and palladium climbed 1.3 per cent to $1,040.96.
It should be noted that any change in the rates of gold in the international market directly affects the rates in Pakistan, so it is most likely that prices will go up in Pakistan too, today after 3 pm.
“The rising political risk premium due to the Iran-Israel conflict has driven increased demand for gold as a safe-haven,” said Kelvin Wong, senior market analyst for Asia Pacific at OANDA. “We’ve broken above the $3,400 level, with the short-term uptrend intact. The next resistance is around $3,500, and there’s potential for a new high beyond that.”
Gold is traditionally seen as a haven during periods of geopolitical tension and economic uncertainty.
