US-Iran Standoff Sends Precious Metals Soaring
The recent breakdown in US-Iran negotiations has sent shockwaves through global markets, leading to massive volatility in precious metals. The stalemate in talks, coupled with President Trump's demand for historical conflict compensation from Tehran, has crushed hopes of reopening the Strait of Hormuz.
This development has fueled fresh inflation fears, prompting anxious investors to flock to gold and silver as safe-haven assets. In Pakistan, local Sarafa markets have been adjusting prices to absorb these macroeconomic hits, resulting in a sharp increase in gold and silver prices.
The international rates for today reflect this trend, with spot gold priced at $4,402.96 per troy ounce and spot silver at $65.385 per troy ounce. In Pakistan, the corresponding rates are Rs. 4,58,014 per tola for gold and Rs. 6,803.67 per tola for silver.