KARACHI – Gold maintained its gaining streak in domestic market of Pakistan amid ongoing tariff war between global economies.
Data shared by All Pakistan Gems and Jewellers Association showed per tola gold price moved up by Rs700 to settle at Rs307,00.
Similarly, the price of 10-gram gold climbed to Rs263,203 after witnessing gains of Rs601 in local market.
The yellow commodity also registered upward trend in the international market as per ounce gold was traded at $2,921 after an increase of $5.
Meanwhile, silver prices also registered gains in Pakistan where per tola price reached Rs3,369 with an increase of Rs54 while 10-gram saw a hike of Rs46 to close at Rs2,888.
A day earlier, per tola price surged by Rs4,800 with new rate settling at Rs306,300 while the price of 10-gram gold moved up by Rs4,115 to close at Rs262,602 in local market.
On the other hand, Canadian government came up with retaliatory tariffs that could lead to job losses and even more inflation in response to the new tariffs imposed by the United States.
The first phase, which targets $30 billion in American goods, comes into effect in retaliation against what PM Justin Trudeau calls ‘unjustified tariffs’ imposed by Trump-led administration.
Prime Minister Justin Trudeau has pledged government support to help businesses cope with the economic impact. Canadian countermeasures could expand to include additional products worth $125 billion, with public consultation period for the new list. Canada’s decision follows a long-standing and successful trade relationship with the neighboring US and aims to push Washngton to look into tariff policies.
The uncertainty has forced the investors to make safe investments by buying gold.
Canada strikes back with 25pc tariffs on US products amid trade conflict
