Gold prices surge, hit record high in local markets

Gold per 10 grams rose by Rs 1,372, reaching Rs 248,885 in the local bullion market.

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The prices of gold, both globally and locally, have increased, with the local price reaching a new all-time high.

According to reports, the price of gold in the international bullion market rose $15, reaching $2778 per ounce.

The All Pakistan Sarafa Jewellers Association reported that the price of gold per tola increased by Rs 1600, reaching a record high of Rs 290,300.

Additionally, gold per 10 grams rose by Rs1,372, reaching Rs 248,885.

Yesterday, the price of gold per ounce increased by $22 in the international bullion market and the price per tola surged in the local markets by Rs 2,300.

Safe-haven gold prices rose on Thursday as investors worried about potential import tariffs from US President Donald Trump, while investors awaited a key inflation report to gauge the Federal Reserve's policy path.

Spot gold was up 0.7% at $2,776.79 per ounce, as of 1020 GMT. US gold futures climbed 0.8% to $2,791.70.

"Despite the fact that tariffs on gold in the States are extremely unlikely given that it is a reserve asset, risk managers are taking no chances and moving metal into the States," said StoneX analyst Rhona O'Connell Officials provided no death toll from Wednesday night's collision but US.

Senator Roger Marshall of Kansas, from where the flight was traveling, suggested most if not all those on board had been killed. "It's really hard when you lose probably over 60 Kansans simultaneously," he told a press conference at Reagan airport in the U.S. capital early on Thursday.

"When one person dies, it's a tragedy, but when many, many, many people die, it's an unbearable sorrow. It's a heartbreak beyond measure."
American Airlines confirmed 60 passengers and four crew members were aboard the jet.

The helicopter, on a training flight, was carrying three soldiers, a US official said. "The element that is most affected by this is the exchange of futures for physical (EFP), but it is undoubtedly contributing to support in spot."

London bullion market players are racing to borrow gold from central banks, which store bullion in London, following a surge in gold deliveries to the U.S., two sources familiar with the matter said.

Even though Trump did not mention gold in his tariff plans, traders were worried about possible risks, leading to more gold being sent to New York. Earlier this week, the White House said Trump plans to hit Mexico and Canada with steep tariffs on Saturday while also considering some on China.

Meanwhile, the Fed held interest rates steady on Wednesday. Chair Jerome Powell said there would be no rush to cut them again.Investors now await the December US personal consumption expenditures (PCE) price index report on Friday.

Spot silver was up 0.8% at $31.05 per ounce. Silver, meanwhile, is seeing renewed strength relative to gold after the gold-silver ratio once again got rejected above 91, said Ole Hansen, head of commodity strategy at Saxo Bank.

"Market is pricing in a higher risk of silver import tariffs compared to gold." Platinum added 1.1% to $956.79, and palladium gained 1.8% to $979.45.