KARACHI: Gold rates surged to a record high on Wednesday in Pakistan as well as in International markets driven by safe-haven demand.
The price of 24 karat per tola gold increased by Rs1650 and was sold all-time high at Rs319,000 against its sale at Rs317,350 on previous trading day, All Pakistan Sarafa Gems and Jewelers Association reported.
The prices of 10 grams of 24 karat also increased by Rs1,415 to Rs273,491 from Rs272,076.
The price of an ounce of gold in the international market increased by $16 to $3,038 from $3022, the Association reported.
The price of per tola silver remained constant at Rs3,555.
Read More: Gold climbs to record high on safe-haven demand
Gold rose to a record high on Wednesday as tensions in the Middle East and U.S. tariff uncertainties lifted the bullion’s safe-haven appeal, while traders awaited the Federal Reserve’s decision later in the day.
Spot gold added 0.2% to $3,039.38 an ounce as of 0745 GMT. Earlier in the session, it hit an all-time peak of $3,045.24, the 15th one this year.
U.S. gold futures gained 0.2% to $3,046.40.
“At its current trajectory, gold futures could tag $3,200 in just over a month. Even if we get a shakeout or two along the way, I suspect bulls are laying in wait for a discount, however small,” said Matt Simpson, a senior analyst at City Index.
Investors are worried about an economic slowdown and elevated risks of recession due to U.S. President Donald Trump’s trade tariffs, which are widely considered likely to stoke inflation.
The tariffs have escalated trade tensions and include a flat 25% levy on steel and aluminium, which came into effect in February, and reciprocal and sectoral tariffs to be imposed on April 2.
“There seems to be little standing in gold’s way for now, with renewed geopolitical tensions in the Middle East, rising global economic risks and tariff uncertainties driving its appeal as a safe-haven asset against market volatility,” said IG market strategist Yeap Jun Rong.
Israeli airstrikes killed more than 400 people in Gaza, as Israel warned the onslaught was “just the beginning.”
