KARACHI: Gold prices in Pakistan surged to a record high on Wednesday, following a steep rise in the internation market.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold surged by Rs8,400 per tola, bringing it to Rs425,178, the highest level ever recorded in the country.
The rate for 10 grammes of 24-karat gold increased by Rs7,202, closing at Rs364,521, while 10 grammes of 22-karat gold stood at Rs334,156 after gaining Rs6,602.
In the global market, gold rose by $84 to reach $4,039 per ounce, reflecting continued investor demand amid global uncertainty.
Silver prices also rose, with 24-karat silver up by Rs55 per tola to Rs4,984, and 10 grammes up by Rs47 to Rs4,272.
The association noted that the latest rates were calculated based on interbank exchange rates, with gold purity fixed at 999 per 24 karats.
President of APSGJA, Muhammad Qasim Shikarpuri, confirmed that these rates represent the highest in Pakistan’s history.
In the international market, gold raced past $4,000 an ounce for the first time as investors piled into a historic rally in the safe-haven asset to hedge against global economic and geopolitical uncertainties, while also betting on US interest rate cuts.
Traditionally, gold is seen as a store of value during times of instability. Spot gold is up about 54% year-to-date, after gaining 27% in 2024. It is one of the best-performing assets of 2025, outpacing advances in global equity markets and bitcoin and losses for the US dollar and crude oil.
The rally has been driven by a cocktail of factors, including expectations of interest rate cuts, ongoing political and economic uncertainty, solid central bank buying, inflows into gold exchange-traded funds (ETFs) and a weak dollar.
“Background factors are much the same as before, in terms of geopolitical uncertainty, with the added spice of the government shutdown,” StoneX analyst Rhona O’Connell said.
