Gold hits record high of Rs300,046 per tola in Pakistan

Gold prices in Pakistan reached a historic milestone as the local market saw a sharp rise in line with global trends.

The price of gold per tola jumped by Rs1,346, reaching an all-time high of Rs300,046. Similarly, the price of 10-gram gold rose by Rs1,154, settling at Rs257,241.

This surge comes as global trade tensions escalate, following the imposition of tariffs by US President Donald Trump on goods from Mexico, Canada, and China.

The tariffs, aimed at addressing issues like illegal immigration and the flow of fentanyl, have sparked fears of a global trade war, which has driven investors toward gold as a safe-haven asset.

Brian Lan, Managing Director at GoldSilver Central in Singapore, remarked that the gold market is in "uncharted territory," and prices are expected to continue climbing to new heights as uncertainty looms.

Read: Per tola gold price hits fresh all-time high in Pakistan

Internationally, gold prices reached a new record high of $2,869 per ounce on Friday, a rise of $10 from the previous day.

China swiftly responded to the US tariffs by imposing its own duties on US imports, intensifying global economic concerns and further fueling the demand for gold.

In addition to gold, silver prices also saw an increase, with the price per tola rising by Rs51 to Rs3,378.

As global tensions continue, analysts predict that gold prices in Pakistan will remain volatile, potentially reaching even greater heights in the coming weeks.