Connect with us

Hi, what are you looking for?

Online Business Success

Gold extends gains in Pakistan amid Ukraine crisis

402077 054422 updates

Image showing British coins — Reuters/File
Image showing British coins — Reuters/File
  • Gold prices gain Rs650 per tola and Rs558 per 10 grams.
  • Price settles at Rs128,600 per tola and Rs110,254 per 10 grams.
  • Cumulatively, gold has gained Rs3,350 per tola during February.

KARACHI: Gold rose on Monday, boosted by concerns regarding uncertain economic conditions amid the Ukraine crisis, which has sparked a flight from risky commodities towards safer ones.

Gold prices in the local bullion market recorded an increase of Rs650 per tola and Rs558 per 10 grams to settle at Rs128,600 per tola and Rs110,254 per 10 grams.

Cumulatively, the safe-haven asset has gained Rs3,350 or 2.67% per tola during the outgoing month of February.

Gold is considered one of the safest investments; hence, its price is rising as an investment is pouring in at a rapid pace.

As the dollar continues to strengthen day after day, investors’ confidence in the currency has tumbled and they have diverted their investment to gold.

Earlier, speaking to, a gold dealer said global politics heavily affect gold prices. Prior to Russia and Ukraine conflict, the trade war between the US and China had affected the commodity rates in the international market, and the local market gets directly affected by it, he added.

He said that investors are closely watching developments regarding the Russia-Ukraine crisis.

It is pertinent to mention that the gold rates in Pakistan are around Rs3,500 below the cost compared to the gold rate in the Dubai market.

Advertisement. Scroll to continue reading.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,470 per tola and Rs1,260.28 per 10 grams.

Gold advances in global market as West heaps sanctions on Russia

In the international market, gold firmed en route to its best month in nine on strong safe-haven demand due to the Ukraine crisis.

The yellow metal recorded an increase of $15 per ounce to settle at $1,905.

Russia’s central bank on Monday moved to shield the economy from unprecedented Western sanctions as its invasion of Ukraine continued, bolstering other measures including an assurance it would resume buying gold in the domestic market.

Goldman Sachs expects a rally in commodities that Russia is a major producer of, as the West stepped up political and economic restrictions on Moscow.

Gold has risen about 6% so far in February in what would be its best monthly gain since May 2021, after prices soared to an 18-month high of $1,973.96 last week.

“As long as the Ukraine crisis persists, gold prices should have little trouble staying above $1,900, with a strong bias for further strides towards $2,000 if this geopolitical crisis further escalates,” Han Tan, chief market analyst at Exinity said.

“Gold bulls have fed off Europe’s worst security crisis in decades, turning the precious metal into the top-performing safe-haven.”

— With additional input from Reuters


Source link

Advertisement. Scroll to continue reading.

Click to comment

Leave a Reply


Top Stories

Decentralized autonomous organizations come in all sizes and flavors. Some can seem sweet; others turn sour. It can be fun and interesting to create...


The big picture: Apple’s debut of the notch on 2017’s iPhone X has significantly reduced the screen space for items on the status bar....


A Kemp’s Ridley sea turtle, the world’s rarest and most endangered sea turtle species, recently made the Galveston shoreline its home, laying eggs on...


Firefighters battled an apartment fire in South Hall Monday afternoon, according to authorities. Hall County firefighters were on scene before 5 p.m. Monday, Aug....


The Biden administration will halt the use of a Trump-era policy that forced migrants seeking asylum to remain in Mexico, after a Supreme Court...


Comment on this storyComment PARIS — French environmentalists will try to move a dangerously thin beluga whale that strayed into the Seine River last...


You May Also Like


Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...