Gold prices in Pakistan hit a new record high on Monday, following gains in the international market as investors turned to safe-haven assets amid renewed US-China trade tensions and expectations of interest rate cuts by the US Federal Reserve.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola surged by Rs5,500 to reach Rs428,200, while the price of 10-gram gold rose by Rs4,715 to settle at Rs367,112.
This increase came after Saturday’s rise of Rs2,100 per tola, which had pushed prices to Rs422,700.
Silver prices also climbed to record levels, with the rate per tola increasing by Rs147 to Rs5,247.
On the global stage, gold prices continued their upward trend. The international rate stood at $4,071 per ounce (including a $20 premium), marking a $55 increase for the day, according to APGJSA.
Spot gold traded at $4,044.29 per ounce as of 0253 GMT, after touching a record $4,059.30 earlier in the session.