KARACHI: The price of gold in Pakistan recorded an increase of Rs450 per tola and Rs385 per 10 grams to settle at Rs127,950 per tola and Rs109,696 per 10 grams, respectively. A day earlier, the precious commodity closed at Rs127,500 per tola and Rs109,311 per 10 grams. Cumulatively, the safe-haven asset gained Rs850 or 0.66% per tola during the week ended February 26. Earlier, speaking to Geo.tv, 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 from it, he added. He said that investors are closely watching developments regarding the Russia-Ukraine crisis. In the international market, the gold prices reversed course to slide $10 per ounce to close at $1,890, as Russia’s invasion of Ukraine triggered sharp swings in the precious metals market. “We think the price drop is premature, there is a risk of further escalation in the conflict and it could be just a temporary correction,” said Commerzbank analyst Daniel Briesemann. News Desk
