Gold Prices Surge Amid Ukraine’s Attack on Russia; Local Markets React Sharply

KARACHI: Following Ukraine’s recent large-scale attack on Russia, global and local gold markets have witnessed significant volatility, with prices sharply rising after a recent downward trend.
In the international market, gold surged by $59 per ounce, reaching a new high of $3,347. This spike in global prices had a direct impact on Pakistan’s local bullion market.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold in the local market increased by Rs 5,900 per tola, bringing it up to Rs 353,100. Similarly, the rate for 10 grams of gold rose by Rs 5,058 to Rs 302,726.
The geopolitical tensions caused by the escalating conflict between Russia and Ukraine are being seen as the key driver behind the renewed interest in gold as a safe-haven asset.