ISLAMABAD
Gold prices surged to eight-month high on Thursday as markets are seeing a fresh risk-off wave once again after the Russia-Ukraine crisis resurfaces.
As of 1340 hours GMT, gold in the international market was available at $1,897.90 per ounce, gaining $28. Out of $28 per ounce decrease, +$0.60 was due to the dollar’s weakness and +$27.40 was due to predominant sellers.
The price of 10 grams of yellow metal in Pakistan, meanwhile, surged to Rs107,300. Gold in the local market was available at Rs105,000 per 10 grams on Wednesday. According to experts, Russia-Ukraine crisis weighed on the risk sentiment and benefitted gold. They said that a flood of contradicting headlines amid intensifying Russia-Ukraine conflict continued weighing on investors’ sentiment, which was evident from a generally weaker tone around the equity markets.
