Trade war lifts gold prices to near 3-month high

Gold prices in Pakistan experienced their steepest increase in nearly three months on Wednesday, reflecting rising international gold rates driven by trade wars and heightened market volatility following the election of US President Donald Trump. In the local market, the price of gold per tola surged by Rs4,250 to reach Rs287,450. Similarly, the price of 10-gram gold rose by Rs3,642, bringing it to Rs246,440, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Tuesday, gold prices had already increased by Rs300, settling at Rs283,200 per tola. Internationally, gold prices also climbed, with the rate reaching $2,751 per ounce (including a $20 premium), marking a $40 increase during the day. The highest local gold price on record was Rs287,900 per tola on October 30, 2024, while the international price stood at $2,784, according to Abdullah Abdul Razzaq, a member of the APGJSA. "Gold prices are rebounding to their highest point and may surpass it soon," he remarked.