Gold rates reach unprecedented high in Pakistan: Check latest prices here
Silver prices also saw an increase, rising by Rs36 to Rs3,350 per tola.
ISLAMABAD: Gold prices reached record highs on Wednesday, driven by investors seeking a safe haven amid escalating trade tensions between the United States and China.
In Pakistan, the price of gold per tola surged by a significant Rs5,300 to an unprecedented Rs299,600, while 10-gram gold reached Rs256,859, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The dramatic price increase is attributed to fears of a renewed trade war sparked by Beijing’s imposition of tariffs on US imports in retaliation for new US tariffs on Chinese goods.
This follows President Trump’s earlier imposition of tariffs on goods from Mexico, Canada, and China, demanding a halt to the flow of fentanyl and illegal immigration. While a one-month pause on tariffs against Mexico was announced after last-minute negotiations, no breakthrough has been reached with Canada.
Read More: Gold Prices Surge to Near Record Highs Amid Market Uncertainty
The international gold price also hit a record high, reaching $2,868 per ounce (with a $20 premium), a $53 increase for the day. This follows a Rs1,900 increase in the Pakistani gold price per tola on Tuesday.
Silver prices also saw an increase, rising by Rs36 to Rs3,350 per tola. The surge in gold prices reflects investor concerns about global economic uncertainty and inflation fueled by the ongoing trade disputes.
