Gold prices decrease Rs3,000 per tola in Pakistan

KARACHI: Gold prices recorded a sharp increase in Pakistan’s local market on Thursday.

According to data shared by the All-Pakistan Gems and Jewellers Association, the price per tola fell by Rs 3,000 to close at Rs 304,000.

Similarly, the price of ten grams of gold in the local bullion market fell by Rs 2,571 to Rs 260,630.

In the international market, bullion rates also fell and the price per ounce fell by $ 28 to $ 2,893.

A day earlier, the price of gold per tola had closed at Rs 307,000 after increasing by Rs 700, while the price of 10 grams of gold increased by Rs 601 to Rs 263,203 in the local market.

The recent fluctuations in gold prices come amid the ongoing trade war between the world’s major economies after US President Donald Trump launched a trade war.

A day earlier, the Canadian government introduced retaliatory tariffs that could lead to job losses and even higher inflation in response to new tariffs imposed by the United States.

The first phase, targeting $30 billion in U.S. goods, comes in retaliation for what Prime Minister Justin Trudeau calls “unfair tariffs” imposed by the Trump administration.

Prime Minister Justin Trudeau has pledged government support to help businesses cope with the economic impact. With a public consultation period for the new list, Canada’s countermeasures could expand to include an additional $125 billion in products. Canada’s decision follows a long-standing and successful trade relationship with neighboring America and is aimed at pressuring Washington to reconsider its tariff policies.