Gold rush continued in both the local and international markets, with the price per tola of the yellow metal hitting Rs319,000 in Pakistan on Wednesday.
Similarly, 10-gram gold was sold at Rs273,491 after it registered an increase of Rs1,415, as per All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Tuesday, gold price per tola increased by Rs2,550 to hit then all-time high of Rs317,350.
The international rate of gold also increased on Wednesday. As per APGJSA, the rate was at $3,038 per ounce (with a premium of $20), an increase of $16 during the day.
Gold held above the key $3,000/oz level on Wednesday, trading near a record high hit in the previous session, as Middle East tensions and trade uncertainties lifted bullion’s appeal, while traders awaited the Federal Reserve’s decision later in the day.
Spot gold held its ground at $3,029.70 an ounce, as of 0230 GMT, after hitting an all-time peak of $3,038.26 on Tuesday.
“The current trading environment, where there are worries about tariffs, growth and inflation, is playing to gold’s strengths as an uncertainty hedge,” KCM Trade chief market analyst Tim Waterer said.
Investors are worried about an economic slowdown and elevated risks of recession due to US President Donald Trump’s tariffs, which are widely considered likely to stoke inflation.
Meanwhile, silver price remained unchanged at Rs3,555 per tola in Pakistan.
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