ISLAMABAD: The ongoing crisis in the Middle East has created uncertainty in the global financial market. Its effects are clearly visible on the local and international markets.
According to reports, the prices of gold and silver have decreased in the global market. After a 2.15 percent drop in the price of gold, it has come down to $5,048 per ounce. After a 2.93 percent drop in the price of silver, it has come down to $81.55 per ounce. The reason for this decrease is said to be investors’ low risk perception and shifting to less risky assets in an uncertain situation.
On the other hand, the value of the dollar has strengthened. The US currency has reached a three-month high against the euro. Experts say that this is due to tension in the Middle East and increased demand for safe-haven currencies for investment.
After the attack on Iran in the global market, crude oil prices have also increased sharply. The price of crude oil in the market has reached $110 per barrel. Within a few hours, the price of oil increased by more than 20%.
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