KARACHI: Gold prices in Pakistan hit a record high on Wednesday, reflecting a sharp surge in international markets.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold jumped by Rs8,400 per tola, reaching Rs425,178, the highest level ever recorded in the country.
The rate for 10 grammes of 24-karat gold rose by Rs7,202 to Rs364,521, while 10 grammes of 22-karat gold climbed by Rs6,602 to Rs334,156.
In the global market, gold gained $84 to touch $4,039 per ounce, driven by strong investor demand amid ongoing global uncertainty.
Silver prices also increased, with 24-karat silver rising by Rs55 per tola to Rs4,984 and by Rs47 per 10 grammes to Rs4,272.
The association stated that the rates were determined using interbank exchange rates, with gold purity maintained at 999 per 24 karats.
APSGJA President Muhammad Qasim Shikarpuri confirmed that these are the highest prices in Pakistan’s history.
Globally, gold surpassed $4,000 an ounce for the first time as investors turned to the precious metal as a safe-haven asset amid economic and geopolitical instability, while also anticipating US interest rate cuts.
Gold has traditionally been considered a secure investment in uncertain times. Spot gold has risen nearly 54% so far this year, after a 27% increase in 2024, making it one of the top-performing assets of 2025, outperforming equities, bitcoin, and the US dollar.
The rally has been fueled by several factors, including expectations of lower interest rates, political and economic uncertainty, strong central bank purchases, inflows into gold exchange-traded funds (ETFs), and a weaker 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.