Gold prices soar to new record high in Pakistan

​Gold prices in Pakistan surged by Rs10,000 per tola on Friday, with the price reaching Rs338,800.

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​Gold prices in Pakistan surged to a record high on Friday, with the price per tola reaching Rs338,800, marking a single-day increase of Rs10,000. Silver prices remained stable at Rs3,234 per tola.​

The 10-gram gold price rose by Rs8,573 to settle at Rs290,466, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).​

Internationally, gold prices also hit new highs. Spot gold climbed 0.6% to $3,192.79 per ounce, while US gold futures rose nearly 2% to $3,237.50.

The weakening US dollar, which declined nearly 1% against major currencies, contributed to gold's appeal as a safe-haven asset. ​ The recent surge in gold prices is attributed to escalating US-China trade tensions.

President Trump increased tariffs on Chinese imports to 145%, prompting China to respond with matching increases. This escalation has heightened fears of a global economic slowdown, driving investors towards gold as a hedge against economic uncertainty.