Gold prices in Pakistan surged to an all-time high on Wednesday, with the 24-karat per-tola rate reaching Rs506,362, marking an increase of Rs12,700 from Tuesday. The spike was driven by a $127 per ounce jump in the international market, where gold touched $4,840 per ounce amid geopolitical tensions, ongoing global tariff disputes, and US President Donald Trump’s high-profile Arctic ambitions.
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According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the domestic 10-gram gold rate also climbed to Rs434,123, up by Rs10,888 from the previous day. Since the start of the year, the per-tola rate has surged by Rs232,762, while 10-gram gold has increased by Rs199,555. The global price has risen by $2,216 per ounce since January 1.
Jewellers reported heavy disparities between official association rates and open-market prices, with gold being sold between Rs503,000 and Rs505,500 per tola in retail shops. APSGJA President Qasim Shikarpuri noted that investor activity, rather than jewellery demand, was driving the rally. “Investors all over the world and in Pakistan are selling dollars to buy gold,” he said, adding that central banks were also purchasing significant quantities.
The soaring rates have affected jewellery sales, which dealers say have dropped by 70–80% amid the peak wedding season. Despite high demand, Shikarpuri reassured that there was no shortage of gold in the domestic market and claimed that Pakistani rates remained about Rs25,000 lower than those in Dubai.
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Silver prices also climbed, with the one-tola rate reaching Rs9,933 and the 10-gram rate hitting Rs8,515, reflecting a shortage due to investor demand. APSGJA highlighted that silver in some areas was being sold at Rs13,500–14,500 per tola, far above official rates. The record-breaking surge in gold underscores its continued dominance as a top-performing asset, outpacing stocks and other investment avenues amid global uncertainties.