Karachi, Pakistan – Web Desk: Gold prices rebounded in both international and local markets on Wednesday after two consecutive days of decline, as investors returned to the safe-haven asset amid ongoing regional tensions.
In the international bullion market, the price per ounce of gold rose by $44 to reach $4,400 per ounce, according to traders.
Following the global trend, local bullion markets in Pakistan saw an increase of Rs4,400 per tola, bringing the price to Rs483,962 per tola. The price per 10 grams of gold also rose by Rs3,772 to Rs414,919.
Silver prices also recovered. The price per tola of silver increased by Rs55 to Rs7,821 per tola, while the price per 10 grams of silver rose by Rs47 to Rs7,705.
The rebound comes after two days of sharp declines that had brought prices down from record highs. Analysts attribute the renewed upward movement to persistent geopolitical uncertainties in the Middle East, including the deadlock in Iran-US ceasefire talks and the ongoing US naval blockade.
Gold is traditionally viewed as a hedge against inflation and geopolitical risk. Market experts expect continued volatility in the coming sessions as investors monitor diplomatic developments in the region and global oil price movements.
