Following the outbreak of direct military conflict between the US, Israel, and Iran, the precious metals market has experienced an unprecedented surge
Following the outbreak of direct military conflict between the US, Israel, and Iran, the precious metals market has experienced an unprecedented surge. In a single afternoon, safe-haven buying has driven domestic gold prices to historic new heights.
Domestic Market Explosion
The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) has released a mid-day emergency rate update. In an extraordinary move, the price of 24-karat gold has surged by Rs10,000 per tola within hours.
Silver has not been left behind, gaining Rs388 to close in on the psychological barrier of Rs10,000 per tola.
International Panic Driving Prices
The primary driver behind this local spike is the chaos in the global bullion market. As news broke of US and Israeli strikes on Iranian facilities followed by Iranian retaliation, investors abandoned risky assets in favor of gold.
Market Analysis
Financial analysts in Karachi warn that the market is currently in a state of “extreme volatility.” The sudden Rs10,000 jump reflects not just the international price hike, but also a local panic as the Rupee faces pressure from the widening regional conflict.
