KARACHI: Extending its record-setting spree, the local prices of 10-gram and one-tola gold scaled yet another record high of Rs278,635 and Rs325,000 on Saturday, up by Rs1,273 and Rs1,620.

A new wave of US tariff implementation and investors’ shift towards bullion for safe-haven purchases amid the tariff war further pushed up the world gold rate by $10 to $3,084 per ounce, said the All Pakistan Saraf Gems and Jewellers Association said.

As Eid shopping is in full swing, jewellery shops appear deserted just two days ahead of Eidul Fitr. When gold rates were low, consumers used to buy new jewellery sets or make on-spot purchases ahead of post-Ramazan marriage season. Investors and families who bought gold on Jan 1, 2024, must be happy with a significant increase of Rs105,300 per tola. However, for many genuine buyers planning to lift jewellery sets, the rising rates add salt to their wounds.

Global gold price surged to $3,084 per ounce from $2,082 on Jan 1, 2024.Jewellers believe that as long as Trump’s tariff war continues, in addition to the Ukraine-Russia war and the Gaza-Israel conflict, the gold rates are unlikely to see any significant fall.

Published in Dawn, March 30th, 2025