Global gold prices recorded another increase on Wednesday, reaching their highest level in the past two weeks amid a slight decline in the US dollar and easing geopolitical concerns.

According to Reuters, gold prices in the international market rose by around 0.4 percent to $4,685 per ounce, after touching an intraday high of $4,723 earlier in the day. Analysts believe the uptick is largely linked to a softer dollar and comments by Donald Trump suggesting that tensions with Iran could ease within the next two to three weeks.

Experts noted that Trump’s remarks boosted global stock markets, which also supported gold prices. Typically, when the US dollar weakens, gold becomes cheaper for buyers using other currencies, increasing demand and pushing prices higher.

However, analysts warned that rising inflation or higher interest rates could slow down the upward trend in gold prices. Last month, in March, gold prices witnessed a sharp decline of over 11 percent — the biggest monthly drop since the 2008 financial crisis — as investors turned to the dollar as a safe haven.

Also Read: 13 militants killed in KP operations as forces intensify crackdown

If tensions in the Middle East ease further, gold prices are expected to stabilize or continue their upward momentum.

In Pakistan, based on current global rates and exchange trends, gold prices are likely to range between Rs520,000 and Rs535,000 per tola, depending on dollar availability and geopolitical developments.