US-Iran Deadlock Sparks Global Gold and Silver Frenzy
The recent deadlock in US-Iran negotiations has sent shockwaves through the global economy, causing massive volatility in precious metals. President Trump's demand for historical conflict compensation from Tehran has effectively frozen ongoing peace talks, crushing any immediate hope of reopening the Strait of Hormuz.
This sudden deadlock has led to spiking global oil prices, fueling fresh inflation fears and prompting anxious investors to buy gold and silver as safe-haven assets. In Pakistan, local Sarafa markets are constantly adjusting prices to absorb these macroeconomic hits, pushing gold and silver prices sharply higher.
The international rates for gold and silver have also taken a hit, with spot gold trading at $4,332.44 per troy ounce and spot silver at $63.974 per troy ounce. The local market in Pakistan is seeing significant price increases, with 24K gold priced at Rs. 4,50,256 per tola and Rs. 38,602.89 for 10 grams, while silver is trading at Rs. 6,657.69 per tola and Rs. 570.799 for 1 gram.
The stalemate in US-Iran negotiations has sent global markets into a tailspin, causing investors to scramble for safe-haven assets like gold and silver.