Gold prices increase Rs700 per tola in Pakistan

KARACHI: Amid the ongoing tariff war between global economies, gold prices in Pakistan’s local market have continued to rise.

According to data shared by the All Pakistan Gems and Jewelers Association, the price of gold per tola increased by Rs 700 to Rs 307,000.

Similarly, the price of 10 grams of gold in the local market increased by Rs 601 to Rs 263,203.

The price of the yellow metal also trended upwards in the international market as gold per ounce rose by $5 to $2,921.

Meanwhile, silver prices in Pakistan also recorded an increase where the price per tola increased by Rs 54 to Rs 3,369 while the price of 10 grams increased by Rs 46 to close at Rs 2,888.

A day earlier, the price per tola had increased by Rs 4,800 to Rs 306,300, while the price of 10 grams of gold had increased by Rs 4,115 to Rs 262,602 in the local market.

On the other hand, the Canadian government has come up with retaliatory tariffs that could lead to job losses and even higher inflation in response to the new tariffs imposed by the US.

The first phase, targeting $30 billion of US goods, comes in retaliation against what Prime Minister Justin Trudeau calls ‘unfair tariffs’ imposed by the Trump-led 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 intended to pressure Washington to reconsider its tariff policies.

The uncertainty has forced investors to seek safe havens by buying gold.