🔊 Listen to ArticleThe prices of gold continued to rise as domestic one tola and 10 gram prices rose to a new high of Rs 78,600 per tola and Rs 66,958 per 10 grams respectively. Meanwhile, Gold prices struck near six-year high in international markets as a weaker dollar and escalating US-Iran tensions fueled a flight to safer investments, while oil futures built on strong gains. Oil prices rose further Friday but the gains were muted compared to a day earlier when crude futures surged about 4.5 percent on rising tensions between the US and the Islamic republic. Recent attacks on tankers close to the Strait, a key shipping lane in the Gulf region through which nearly one-third of the world’s oil is transported, sent oil prices surging late last week. “A slowing global economy, imminent US rate cuts and rising geopolitical tensions provide a near perfect storm for gold bugs,” said XTB chief market analyst David Cheetham.

Source: Pakistan Today June 22, 2019 13:17 UTC