In a significant development, gold prices in Pakistan increase by a whopping Rs3,000 per tola in a single day on Wednesday.
According to the All Pakistan Gems and Jewelers Association, following the Rs3,000 increase, gold prices in Pakistan today stand at Rs321,000 per tola.
Likewise, the 10 grams gold price in Pakistan has increased by Rs2,572, making its exact price Rs275,205 across the country.
Furthermore, the international rates of gold also increased by $30, settling at $3,040 per ounce.
It merits a mention that gold prices in Pakistan witnessed a decreasing trend earlier this week, as gold prices reduced by Rs2,000 per tola on Tuesday.
Previously, gold prices saw a downward trend for the last few days, directly impacting gold prices in Pakistan. On Tuesday, the gold prices in Pakistan stood at Rs318,000 per tola while the ten grams of gold reduced by Rs1,715, settling at Rs272,633.
Similarly, global gold rates also reduced by $28 to $3,010 per ounce which led to decreasing prices in Pakistan.
Last week, gold price in Pakistan surged to Rs325,500 per tola on April 3, while the price of 10 grams of gold increased by Rs 428, reaching the exact price of Rs279,063.
On April 5, gold price in Pakistan witnessed a huge drop of Rs5,500 in a single day after weeks of increasing trend. Globally, gold prices have been fluctuating for the last few weeks due to international markets’ uncertainty and rising geopolitical tensions.
US President Donald Trump’s unorthodox policies, such as starting a trade war with Canada, Mexico, and China has led to increasing risks of tariff war.
Read more: PSX experiences bloodbath following Trump’s tariffs
Pakistan Stock Exchange plunged by nearly 8700 points on Monday following the US President’s tariffs on over 180 countries, triggering a temporary halt in the PSX market.
As the markets opened on Monday morning, selling pressure was felt throughout trading session as investors leaned towards selling.
Feeling the effects of US President Donald Trump’s tariffs and China’s subsequent tariffs triggered the black Monday across the international stock markets as well.
