Gold loses safe-haven shine amid escalating war

Prices slip below Rs500,000 per tola

“The war has changed the dynamics of Dubai. I recently returned from there, where the airport is witnessing low passenger footfall, especially among arrivals. Investors and foreigners are leaving via connecting flights,” he said.

He noted that gold was previously smuggled out of Pakistan due to higher prices in Dubai, but the situation has now reversed as investor activity there has declined, with some awaiting a return to normalcy.

In Pakistan, some investors are taking a risk by buying gold at lower prices, hoping for a rebound after the Middle East conflict subsides, Shikarpuri said.