Gold scales new peak of Rs308,000 per tola

The 10-gram and one-tola gold rates on Wednesday hit an all-time high of Rs264,060 and Rs308,000, showing a jump of Rs3,258 and Rs3,800, respectively. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), world gold price came under further pressure, rising to a record $2,944 per ounce, up by $34 from Tuesday, after US President Donald Trump threatened to impose a 25pc tariff on autos along with similar duties on pharmaceuticals and semiconductors. Global investors have significantly increased their gold purchases due to the trade war between the US and several countries and rising tensions in the Middle East. On Jan 1, 2024, the prices for 10-gram and one-tola were Rs188,357 and Rs219,700, respectively, while the international rate was $2,082 per ounce. The rates have surged by Rs75,703, Rs88,300 and $862 since Jan 1, 2024.