Iran-US Standoff Sends Gold and Silver Prices Plummeting

Global tensions between the US and Iran have sent shockwaves through financial markets, causing gold and silver prices to drop sharply as the weekend begins. The stalemate in negotiations has crushed hopes of reopening the Strait of Hormuz, leading to a spike in oil prices and fresh inflation fears.

In response, anxious investors have turned to gold and silver as safe-haven assets, driving up demand for these precious metals. This surge in demand has had a ripple effect on local markets, with Pakistan's Sarafa markets adjusting prices accordingly.

The current gold price per troy ounce stands at $4,430.85, while silver is trading at $66.228 per troy ounce. In Pakistan, the gold rate is Rs. 461,329 per tola, and the silver rate is Rs. 6,895.1 per kilogram.