Gold prices hit record high with Rs400 per tola jump

KARACHI: The upward trend in gold prices continued across the country, with the rate for 24-karat gold rising by Rs400 to reach an all-time high of Rs292,200 per tola on Thursday. 

Similarly, the price of 10 grams of 24-karat gold also increased by Rs343, reaching Rs250,514.

In the international market, gold prices rose by $5 per ounce, settling at $2,797.  

On Friday (January 31), the price of 24-karat gold surged by Rs1,500 to a record Rs291,800 per tola.

Similarly, the price for 10 grams of pure gold rose by Rs1,286 to Rs250,171, while 22-karat gold was being sold for Rs229,331 per 10 grams. 

On January 30, the gold rate saw a hike of Rs1,600 per tola, reaching Rs290,300 — the highest level at that time. 

A day earlier, on January 29, the price had surged by Rs2,300 per tola, taking it to Rs288,700 in the local market. 

However, on January 28, gold prices saw a decline of Rs2,700 per tola, dropping to Rs286,400. 

In the international market, the looming threat from Donald Trump of 25% tariffs on Mexico and Canada is also firmly in investors’ sights and has helped lift the dollar, push gold prices to a record high and pressured the Mexican peso and Canadian dollar.

Gold prices surpassed the key $2,800 mark for the first time on Friday, fuelled by a rush to safety. It was last trading at $2,796.

Earlier, on Friday, the profit rates on several national saving schemes were lowered by two per cent after the recent interest rate cut by the State Bank of Pakistan.

According to a notification from the Central Directorate of National Savings, the profit rate for Regular Income Certificates has been reduced from 12 per cent to 11.88 per cent annually.

Similarly, Behbood Savings Certificates and Pensioners’ Certificates have seen a decline from 13.92 per cent to 13.68 per cent annually. The same reduction applies to Shaheed Families Welfare Accounts.