After declining in the previous session, gold prices rebounded in Pakistan on Thursday, in line with their increase in international rates. In the local market, gold price per tola gained Rs2,500 to reach a new all-time high of Rs304,000.
Similarly, 10-gram gold was sold at Rs260,631 after it recorded an increase of Rs2,144, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Gold is considered a safe investment during economic and financial turmoil, but higher interest rates reduce the non-yielding asset’s appeal.
Internationally, gold prices edged higher on Thursday, as markets closely tracked developments in US President Donald Trump’s tariff plans, which could ignite a global trade war, while investors awaited crucial U.S. data due later in the day.
US President Donald Trump announced that he would impose “reciprocal tariffs” on trading partners on Thursday, opening new fronts in his trade war.
“Three great weeks, perhaps the best ever, but today is the big one: reciprocal tariffs!!! Make America great again!!!” Trump said in a post in all capital letters on his Truth Social platform.
The move would match the United States’ tariff rates on imports to the levels that other countries impose on US goods.
The international rate of gold also reached an all-time high. As per APGJSA, the rate was at $2,913 per ounce (with a premium of $20) and was up by $25 during the day.
Meanwhile, silver price increased by Rs55 to clock in at Rs3,367 per tola.
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