Gold price surged sharply across Pakistan on Wednesday, recording a single-day rally of historic proportions as global bullion rates climbed amid heightened geopolitical uncertainty and speculative trading.
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According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold rose by Rs21,100 per tola to reach Rs551,662, while the rate for 10 grams increased by Rs18,090 to Rs472,961. This marked the highest one-day increase in domestic gold prices on record.
The sharp rise followed a significant jump in international markets, where the global gold price surged by $211 to $5,293 per ounce. Market participants attributed the rally to increased demand for safe-haven assets amid global political and economic tensions.
Silver prices also hit all-time highs in the local market. The price of silver increased by Rs271 per tola to Rs11,911, while the 10-gram rate climbed by Rs232 to Rs10,211. The increase mirrored a $2.17 rise in international silver prices, which reached $114.36 per ounce.
APSGJA President Qasim Shikarpuri said this was the first time gold prices in Pakistan had risen by more than Rs20,000 per tola in a single session, surpassing previous daily rallies of Rs12,000 to Rs13,000. He attributed the sharp movement to escalating global uncertainty, citing recent warnings by US President Donald Trump regarding potential military action against Iran and threats of imposing steep tariffs on Canada.
Shikarpuri noted that speculative trading was a key driver behind the surge, with investors dominating market activity while demand from traditional jewellery buyers remained subdued. He added that the association had advised jewellers to closely monitor speculative activity, particularly on social media platforms.
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Gold, traditionally viewed as a hedge against inflation and uncertainty, has gained more than 20 per cent since the beginning of 2026, supported by lower global interest rates and persistent geopolitical risks.