KARACHI: The gold has continued its upward trend in Pakistan with reaching a new high in both local and international markets.
According to data released by the All Pakistan Gems and Jewellers Association, the price of gold increased by Rs5,900 per tola, hitting a new high of Rs363,700.
In a similar vein, the price of 10-gram gold rose by Rs5,059 as well, reaching Rs311,814 now. On the global market, where the price per ounce rose by $59 to $3,454, the precious commodity saw notable gains.
According to reports, the US-initiated trade war and the massive gold purchases made by central banks worldwide to boost their reserves have caused gold prices to soar to all-time highs in the global and Pakistani bullion markets.
There is a sense of anxiety worldwide as a result of the US Federal Reserve’s statement that interest rates will not be lowered, which has sparked worries about growing inflation and a recession.
The price of gold increased by Rs8,100 per tola the day before, hitting an all-time high of Rs357,800. Likewise, the 10-gram gold price increased by Rs6,944 and settled at Rs306,755.
