The gold price increased by Rs1,346 per tola to Rs300,046 for the first time in Pakistan’s history, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The 10-gram gold price was priced at Rs257,241, reflecting an increase of Rs1,154.

The surge in gold prices is attributed to rising concerns over a trade war, which has prompted investors to seek safe-haven assets ahead of the crucial US payrolls report.

“The market is still trending, and we can expect gold prices to reach new heights as we enter uncharted territory,” Brian Lan, managing director at Singapore-based GoldSilver Central, told Reuters.

The backdrop of the gold price increase includes US President Donald Trump’s imposition of extensive tariffs on goods from Mexico, Canada, and China. These tariffs are aimed at curbing the flow of fentanyl and illegal immigration, sparking a trade war that could negatively impact global economic growth and reignite inflation concerns.