KARACHI – Gold prices in Pakistan saw a significant rise on Monday, driven by growing geopolitical uncertainty, which has led investors to flock to safe-haven assets.
Data shared by All Pakistan Gems and Jewellers Association showed that the price of one tola of gold increased by Rs13,300, reaching Rs563,862.
Similarly, the price for 10 grams surged by Rs11,402 to settle at Rs483,420.
In the global market, the price of gold jumped by $133, hitting $5,411 per ounce.
On the other hand, the Pakistan Stock Exchange (PSX) on Monday suffered a massive nosedive of over 16,000 points as investor sentiment remained uncertain due to ongoing conflict between Iran, Israel and the US following the death of Supreme Leader Ayatollah Ali Khamenei in an airstrike.
The KSE-100 index benchmark dropped by 16,089.17 points to decline to 151,972.99 points, registering a dip of 9.57 percent, compared to previous close of 168,062.16 points.
Meanwhile, Brent crude touched new heights, reminding the world that in today’s economy, conflict and commerce often move in the same breath.
The world’s energy markets were thrown into upheaval as oil prices rocketed at the start of trading on Sunday, fueled by war between US, Israel and Iran. Investors and energy experts warned that growing geopolitical instability could disrupt oil supplies and send fuel prices spiraling higher.
Traders reacted swiftly, betting that crude exports from the Middle East could slow, if tensions continue. Recent attacks on vessels in the vital shipping lanes of the Strait of Hormuz, a narrow and strategically critical waterway in the Persian Gulf, have intensified fears of supply disruptions.
Nearly one-fifth of the world’s oil flows through this chokepoint, making it a cornerstone of global energy trade. Any restrictions on shipping could restrict access to crude and trigger sharp price hikes for consumers worldwide.
