Gold prices in Pakistan have reached unprecedented levels, driven by rising international gold rates and geopolitical uncertainties, including fears of global trade wars.
Gold Prices Hit Record High
On Friday, the price of gold per tola soared to Rs300,046, marking the first time it has crossed the Rs300,000 milestone. This surge reflected a notable increase of Rs1,346 per tola in a single day.
Similarly, the price of 10-gram gold rose by Rs1,154, bringing it to Rs257,241, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Global Gold Market Surge
The international gold price also hit a record high, reaching $2,869 per ounce (including a $20 premium), with a $10 increase observed during the day. This sharp rise is attributed to safe-haven buying amid fears of trade wars involving major economies like the United States, China, Canada, and Mexico.
Why Are Gold Prices Rising?
The surge in gold prices is driven by multiple factors, including:
- Geopolitical tensions and potential trade wars
- Economic uncertainties and the fear of global recession
- Tariff concerns between major trading nations
As investors seek refuge in safer assets during volatile times, gold remains a preferred choice. Economic analysts predict that as long as these geopolitical tensions persist and uncertainty prevails, gold prices are likely to continue their upward trend.
Recent Price Fluctuations in Pakistan
Interestingly, just a day before this record-breaking rise, the gold price per tola in Pakistan had decreased by Rs900, settling at Rs298,700 on Thursday.
The gold market continues to reflect global economic shifts, making it essential for investors and traders to stay vigilant and informed.
Fahad is an entrepreneur and a marketing enthusiast who loves to write on trending topics. He loves travelling & playing tennis is what he does in his leisure time. He tweets @fahad164.
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