Gold gains 2pc as widening Middle East war fuels safe‑haven demand

Gold prices climbed 2 per cent on Wednesday, rebounding from their lowest in more than a week reached in the previous session, as the dollar took a breather and mounting tensions in the Middle East drove investors toward safe havens.

However, gold prices in Pakistan registered a significant drop of Rs10,000 per tola, settling at the rate of Rs 539,962 per tola.

Spot gold gained 2.2pc to $5,198.58 per ounce by 10:17 GMT, after falling more than 4pc on Tuesday.

U.S. gold futures for April delivery added 1.7pc to $5,211.20.

The U.S. dollar fell 0.2pc, making greenback-priced gold more affordable for buyers using other currencies.

“After the past few days of position unwinds and dollar strength, markets are back to a more typical macro risk-off stance, with silver higher too. A pause in the rise of the dollar and Treasury yields helps with their opportunity costs,” said Jamie Dutta, market analyst at Nemo.money. “Gold and silver’s safe-haven characteristics can shine again.”

Spot silver advanced 5.3pc to $86.39 per........

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