After declining in the previous session, gold prices rebounded in Pakistan on Monday, in line with their increase in international rates. In the local market, gold price per tola gained Rs4,000 to reach a new all-time high of Rs303,000.
Similarly, 10-gram gold was sold at Rs259,773 after it recorded an increase of Rs3,429, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Internationally, gold prices firmed on Monday, and hovered near a record high hit in the previous session, as investors sought refuge in the safe-haven asset after US President Donald Trump’s decision to impose fresh tariffs sparked concerns of a global trade war.
Trump said during the weekend that he would announce new 25% tariffs on Monday on all steel and aluminium imports into the US, which would come on top of existing metals duties in another major escalation of his trade policy overhaul.
Trump also said he plans to announce reciprocal tariffs on many countries by Monday or Tuesday of next week.
Gold is considered a safe investment during economic and financial turmoil, but higher interest rates reduce the non-yielding asset’s appeal.
The international rate of gold reached a record high on Monday. As per APGJSA, the rate was at $2,903 per ounce (with a premium of $20) and was up by $42 during the day.
On Saturday, gold price per tola in Pakistan decreased by Rs1,046 to settle at Rs299,000.
Meanwhile, silver price increased by Rs43 to clock in at Rs3,373 per tola.
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