Gold prices in Pakistan reached an all-time high on Friday, with the price per tola hitting Rs338,800. This marks a significant increase of Rs10,000 in just one day. The rise in prices reflects growing demand for gold as a safe-haven asset during uncertain times.
In addition, the price for 10 grams of gold rose by Rs8,573, bringing it to Rs290,466. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), these figures demonstrate a continued trend of rising gold prices in the country. Meanwhile, silver prices remained steady at Rs3,234 per tola.
Globally, gold prices also climbed to new heights. Spot gold prices increased by 0.6% to $3,192.79 per ounce. Similarly, US gold futures saw a nearly 2% rise, reaching $3,237.50. The weakening U.S. dollar, which fell nearly 1% against other major currencies, further boosted gold’s appeal.
This recent surge in gold prices is linked to rising US-China trade tensions. President Trump recently increased tariffs on Chinese imports to 145%. In response, China matched these tariffs, escalating fears of a global economic slowdown. Consequently, investors are flocking to gold as a safeguard against potential economic instability.