KARACHI: Gold prices in Pakistan soared sharply on Wednesday, rising by Rs21,100 per tola to hit a new all-time high, as a powerful rally in the international bullion market continued to lift local rates.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold climbed to Rs551,662 per tola. The price of 10 grams of gold also rose steeply by Rs18,090 to Rs472,961, reflecting strong global momentum and sustained domestic demand.
This latest surge comes just two days after gold had already touched historic levels. On January 26, gold was priced at Rs532,062 per tola, meaning prices have jumped by nearly Rs19,600 in a short span. The rapid escalation underlines the pace at which the bullion market has heated up this month.
In the international market, gold prices gained $211 per ounce to settle at $5,293, extending a record-breaking run. Global investors have increasingly turned to gold as a safe-haven asset amid persistent economic uncertainty, volatile currency markets and expectations of prolonged monetary easing in major economies.
Local bullion dealers said domestic gold prices largely mirror international trends, with adjustments made for currency movements and import-related costs. “Gold prices in Pakistan are typically adjusted with a premium of around $20 per ounce over international rates, reflecting exchange rate movements, import costs and local market conditions,” traders had noted in earlier market updates.
Silver prices also followed the upward trend, though the gains were more modest compared to gold. The price of silver rose by Rs271 to Rs11,911 per tola, while the 10-gram silver rate increased by Rs232 to Rs10,211. Like gold, silver prices have also reached record highs in both local and global markets, supported by strong industrial demand and speculative interest.
Market participants expect volatility to persist in the coming days. Jewellers report cautious buying from retail consumers due to elevated prices, while investors continue to view precious metals as a hedge against inflation and financial instability. With international bullion prices showing little sign of cooling, analysts believe local gold rates may remain under pressure, keeping the market firmly in uncharted territory.
