Gold rate in Pakistan continued its upward momentum in the local market, reaching a new record high on Friday.
The price of gold per tola increased by Rs2,200, setting a new high of Rs306,200 in Pakistan. Similarly, the rate for 10 grams rose by Rs1,886, with the new price reaching Rs262,517.
The international market also witnessed an upward trend, where the price of gold per ounce increased by $20, reaching $2,933 due to ongoing uncertainty in global markets.
Meanwhile, silver prices in Pakistan also surged, with the per tola rate increasing by Rs83 to close at Rs3,450. The price of 10 grams moved up by Rs71, settling at Rs2,957.
The rising trend of investing in gold as a safeguard against devaluation has kept the global precious metals market uncertain.
A day earlier, the price of gold per tola increased by Rs2,500, trading at Rs304,000, while the 10-gram rate surged by Rs2,144, reaching Rs260,631 in the local market.
Ongoing trade tensions and tariff disputes between the US and China have added to the volatility in international markets, pushing investors towards safer assets like gold.
From February 1, China imposed retaliatory import taxes on certain American goods, escalating the trade war following Trump’s announcement of tariffs on Chinese products, according to reports.