Gold prices continued to surge in Pakistan on Friday, in line with their increase in the international rates. In the local market, gold price per tola gained Rs1,346 to reach Rs300,046 for the first time in history.
Similarly, 10-gram gold was sold at Rs257,241 after it recorded an increase of Rs1,154, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Gold prices have soared as trade war concerns fuelled safe-haven buying ahead of the key US payrolls report.
“It’s still a trending market and we will continue to see gold prices pushing to newer heights because now it’s uncharted territory,” Brian Lan, managing director at Singapore-based dealer GoldSilver Central, told Reuters.
US President Donald Trump ordered sweeping tariffs on goods from Mexico, Canada and China, demanding they stanch the flow of fentanyl - and illegal immigrants in the case of Canada and Mexico - into the United States, kicking off a trade war that could dent global growth and reignite inflation.
In return, China on Tuesday slapped tariffs on US imports in a swift response to new US duties on Chinese goods.
The international rate of gold reached at a record high on Friday. As per APGJSA, the rate was at $2,869 per ounce (with a premium of $20) and was up by $10 during the day.
On Thursday, gold price per tola in Pakistan decreased by Rs900 to settle at Rs298,700.
Silver price increased by Rs51 to clock in at Rs3,378 per tola.
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