Gold prices soared to a fresh record high in Pakistan on Monday, in line their increase in the international rates. In the local market, gold price per tola reached Rs309,500 after a single-day rise of Rs1,500.
Similarly, 10-gram gold was sold at Rs265,346 after it registered an increase of Rs1,286, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Saturday, gold price per tola gained Rs1,000 to settle at Rs308,000 in Pakistan.
Internationally, gold prices retreated on Monday as traders locked in profits after recent record highs, with attention shifting to a key US inflation report set for release later this week.
“Gold has been unable to capitalise on the broader risk-averse theme of the market, with profit-taking moves offsetting any rise in safe-haven demand,” Tim Waterer, chief market analyst at KCM Trade, told Reuters.
“With trade uncertainties not looking like they are disappearing anytime soon, gold could still be eyeing off reaching new all-time highs again this week.”
US President Donald Trump said last week that he would announce fresh tariffs over the next month or sooner, adding lumber and forest products to previously announced plans to impose duties on imported cars, semiconductors, and pharmaceuticals.
The international rate of gold increased on Monday. As per APGJSA, the rate was at $2,948 per ounce (with a premium of $20), an increase of $12 during the day.
Meanwhile, silver price increased by Rs15 to settle at Rs3,395 per tola.
On Thursday, gold price per tola gained Rs1,000 to hit then all-time high of Rs309,000.
