KARACHI: Gold continues to be considered a safe-haven metal in most parts of the world, including Pakistan, where the latest increase took its price to an unprecedented high on Saturday.
In Pakistan, the price of 24-karat gold surged to Rs340,600 per tola after the latest increase of Rs1,800.
The price of 10-gram gold soared to Rs292,009 per tola after an increase of 1,543.
A day earlier (Friday), the price of 24-karat gold increased by Rs10,000 per tola, which is said to be the highest one-time rise, reaching Rs338,800. The price of 10 grams of gold rose by Rs8,573, bringing it to Rs290,466.
On Saturday, the gold price in international market rose to $3,236 per ounce after an increase of $18.
Gold prices have been on the rise amid uncertainty triggered by US President Donald Trump’s recent announcement of imposition of global import tariffs.
Although Trump later announced 90-day reprieve, the stock markets and investment avenues all over the world remain jittery.
In the global market, gold surged by $100 per ounce for the first time, hitting $3,218 on Friday.
It marked a historic day as both per tola price in Pakistan rose by Rs10,000 and the international price jumped by $100 in a single day.
Earlier in the week, the price of 24-karat per tola gold increased by Rs7,800 and was traded at Rs328,800 compared to its sale at Rs321,000 on the previous trading day (Wednesday), All Pakistan Sarafa Gems and Jewellers Association reported.
The prices of 10 grams of 24 karat also increased by Rs6,688 to Rs281,893 from Rs275,205 whereas the prices of 10-gram 22-karat gold also went up by Rs6,131 to Rs258,411 from Rs252,280.
The price of per tola silver witnessed an increase of Rs64 and closed at Rs3,234 and that of 10-gram silver rose by Rs55 to close at Rs2,772.
