The gold market in Pakistan has experienced a significant drop in prices. According to the All Pakistan Sarraf Association, the price of gold per tola has decreased by 43,600 rupees to settle at 447,762 rupees. Following this development, the price of 10 grams of gold in the country has dropped by 37,380 rupees to 338,883 rupees. In contrast, the global market has witnessed a decline in gold prices as the gold rate has decreased by 436 dollars per ounce to 4,250 dollars. This marks the largest single-day drop in gold prices, with the price of gold per tola falling by over 1 million rupees from its peak.
The global market has experienced a significant increase in gold prices due to the escalating conflict in the Middle East. The conflict has disrupted global trade, particularly in the Middle Eastern region. The UAE has condemned the Iranian attack on Bahrain, describing it as a “highly critical” situation that could exacerbate the ongoing tensions. Meanwhile, the US has announced that it is preparing to withdraw its troops from Baghdad’s Victoria military base.
The US President, Donald Trump, has shared a statement on his social media account, praising the Prime Minister of Pakistan, Shehbaz Sharif, for his efforts to de-escalate tensions in the region. Qatar has stated that the US has made its decision to join the war based on its own estimates, and is working with the US to reduce tensions and prevent attacks on its own country.
The global market has witnessed a sharp increase in oil prices due to the conflict in the Middle East. The price of oil has risen by 81 dollars per barrel to 4,686 dollars. The conflict has also had a significant impact on air traffic in the region, with many flights being cancelled.
The Pakistan Stock Exchange has announced its weekly update, reflecting the impact of the global conflict on the stock market. The US has stated that it is working with Iran to find a peaceful solution to the conflict. The US Jewish scholar and author, Rabbi Jacob Shapiro, has stated that Prime Minister Netanyahu is not a representative of the Jewish community.
The global market is closely watching the situation in the Middle East, with many countries and organizations condemning the Iranian attack on Bahrain. The UAE has described the situation as “highly critical” and has called for an immediate end to the conflict. The global market is bracing itself for a potential increase in oil prices and a possible economic downturn.
