Gold prices hit historic highs in Pakistan and globally

KARACHI: The ongoing tariff war on the global front has pushed gold prices to new historic highs in Pakistan and globally. 

According to the All Pakistan Sarafa Gems and Jewelers’ Association, the price of gold per tola in the country has surged by Rs7,800, reaching Rs328,800. 

The association further said that the price of 10 grams of gold has increased by Rs6,688, now standing at Rs281,893. 

Meanwhile, in the international market, gold prices have also risen by $78, reaching $3,118 per ounce. 

Experts believe that the ongoing tariff war between the US and China has led to an increase in gold purchases as investors seek to secure their assets.

Meanwhile, the Pakistan Stock Exchange (PSX) rebounded and closed in the green, aligning with the global markets after the US President announced a 90-day pause on reciprocal tariffs, analysts said on Thursday. 

Encouraged by a 90-day tariff pause, the benchmark index gained 2036 points or (1.79%) closing at the 116,189 level.

Investors responded positively, taking positions in anticipation of potential improvement in the overall economic landscape and likelihood of easing trade tensions, Ismail Iqbal Securities research note stated.   

The upward trajectory was fueled by a strong rebound in US and other international equity markets with the index rallying as much as 3,331 points during the intraday trading.