Gold Rates Soar to Record Highs in Pakistan
The historic surge in gold rates has been driven by a combination of factors, including the US-China trade tensions, a weaker dollar, and recession concerns, making gold a highly sought-after safe-haven asset. As the global economy continues to navigate uncertain waters, the demand for gold is likely to remain high, driving prices even further.
Gold prices in Pakistan surged by Rs10,000 per tola to Rs338,800, and 10 grams of gold rose by Rs8,573 to Rs290,466, after US President Donald Trump announced a 90-day suspension on tariffs, marking a historic day with significant price increases.
The international gold price also surged by $100 per ounce to $3,218, with spot gold climbing 0.6% to $3,192.79 per ounce, and US gold futures rising nearly 2% to $3,237.50. The US dollar's weakening contributed to gold's appeal as a safe-haven asset, as investors sought gold as a hedge against economic uncertainty amidst escalating US-China trade tensions.
The surge in gold prices is attributed to the intensifying trade war between the US and China, with recession concerns and a weaker dollar driving the global rise in gold price. In Pakistan, the gold price per tola reached Rs338,800 after a single-day rise of Rs10,000, while 10-gram gold was sold at Rs290,466 with an increase of Rs8,573. The international rate of gold also rose to $3,218 per ounce with a premium of $20.
The significant increase in gold prices has made it a lucrative investment opportunity, with many investors seeking to capitalize on the rising trend. However, the silver price remained unchanged at Rs3,234 per tola, indicating a stable market for the precious metal.