Gold prices continued to soar on Friday and reached a fresh record in Pakistan. In the local market, gold price per tola reached Rs338,800 after a single-day rise of Rs10,000.
Similarly, 10-gram gold was sold at Rs290,466 after it registered an increase of Rs8,573, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Thursday, the gold price per tola reached Rs328,800 after a single-day rise of Rs7,800.
The international rate of gold also increased on Friday. As per APGJSA, the rate was at $3,218 per ounce (with a premium of $20), a record increase of $100 during the day.
Meanwhile, silver price remained unchanged at Rs3,234 per tola.
Globally, safe-haven gold gained nearly 2% and surpassed the key $3,200 mark, spurred by a weaker dollar and recession concerns due to an intensifying trade war between US and China.
“Recession risks are mounting, bond yields are soaring, and the U.S. dollar continues to weaken – all factors reinforcing gold’s role as a crisis hedge and inflation shield,” Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany, told Reuters.
Beijing increased its tariffs on US imports to 125% on Friday, hitting back against US President Donald Trump’s decision to hike duties on Chinese goods to 145%, raising the stakes in a trade war that threatens to upend global supply chains.
Global stocks fell and the dollar tumbled. A lower dollar makes greenback-priced bullion cheaper for overseas buyers.
American Dollar Exchange Rate