The assassination of a top Irani commander shook the global markets as prices of crude oil and other commodities soared after the news was reported.
Prices of gold in the UAE hiked hours after a US drone missile killed Qassem Soleimani, the head of the Quds force and Iranian Revolutionary Guards Corps, at the Baghdad airport on January 3.
In Pakistan, the price of a tola shot up to Rs90,057 on January 3 from Rs88,734 in a day. While the price of 10 grammes of gold increased by Rs1,135. It was sold for Rs77,291 on January 3.
Analysts suggest that the prices have been hiked because investors exercised caution following the prospect of volatility in Iran and Iraq, two major oil-producing countries.
The financial analysts, on the other hand, have suggested oil prices will not take a chronic hit unless a war breaks out between the US and Iran. They were hopeful that the trading sentiment will soon stabilise.
Iranian supreme leader warned of harshest retaliation and said that this further strengthens their resolve to resist US greed and to defend the Islamic values in the region.
US President Donald Trump, who authorized this attack and had warned of it following the attack on US embassy in Baghdad last month, said in a statement that the “attack was carried out to stop an imminent war and not to trigger one” as Soleimani posed serious threats to US and its allies.
An official statement released by Pentagon read, “General Suleimani was actively developing plans to attack American diplomats and service members in Iraq and throughout the region.”
“General Suleimani and his Quds Force were responsible for the deaths of hundreds of American and coalition service members and the wounding of thousands more,” said the statement.