What happened: On Feb 24, gold prices in Pakistan rose to Rs.130,300 per tola (2.6%) as Russia’s invasion of Ukraine heightened fears of a European war and drove investors away from risky assets and into safe-haven assets. Meanwhile fuel prices in Pakistan may also rise again due to global oil prices soaring to $105 per barrel for the first time since 2014, among international tensions. Details: Russia launched a full-scale invasion of Ukraine by land, air, and sea, marking the largest single-state onslaught in Europe since World War 2. Gold prices: The price increased by Rs3,400 per tola and Rs2,915 per ten kilos, to Rs130,300 and Rs111,711, respectively. A gold dealer told a private news publication that investors are keeping an eye on developments in the Russia-Ukraine issue, “The market will continue to record gains as long as there is uncertainty,” he added. Petroleum price: In reaction, the US and Europe have threatened the strongest penalties against Russia, sending oil prices to a seven-year high. Adnan Agar, Director of Gold Commodities, stated that the price of oil is likely to skyrocket to $150 per barrel in global markets, “If this happens, local petrol prices in Pakistan will reach to Rs200-225 per litre,” he warned, adding that the increase in oil prices will magnify inflation readings by a factor of 10. What you need to know: The analyst went on to say that the involvement of the US and UK in the Ukraine crisis has an impact on global economies; otherwise, the troubles in Kyiv would not have influenced financial and energy markets around the world.