After declining in the previous session, gold prices in Pakistan gained on Friday in line with their increase in international rates. In the local market, the price of gold per tola increased by Rs2,900, clocking in at Rs289,600, which is the latest record high in Pakistan.
Similarly, 10-gram gold was sold at Rs248,285 after it recorded an increase of Rs2,486, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Thursday, gold price had decreased by Rs750 to settle at Rs286,700.
Meanwhile, the international rate of gold increased on Friday. As per APGJSA, the rate was at $2,772 per ounce (with a premium of $20) and was up by $29 during the day.
Silver prices gained Rs31 at Rs3,432 per tola.
In October last year, gold prices hit a then-all-time high of Rs287,900 per tola.
Globally, gold prices soared to near three-month highs on Friday and were on track for a fourth straight weekly gain as uncertainty about US President Donald Trump’s trade plans took the wind out of the dollar’s sail, boosting demand for safe-haven bullion.
Spot gold jumped 0.8% to $2,774.49 per ounce as of 0255 GMT and has gained more than 2% so far this week. Earlier in the day, prices rose to $2,777.10, the highest since October 31, when they hit a record $2,790.15.
US gold futures climbed 0.6% to $2,781.80.
Bullion is considered a hedge against economic and geopolitical uncertainties.
Source: Brecorder
