Gold prices in Pakistan surged on Wednesday, tracking sharp gains in the international market as safe-haven demand lifted precious metals globally. In the local market, the price of 24-karat gold climbed by Rs4,300 per tola to settle at Rs441,636.
Similarly, the price of 10-gram gold advanced by Rs3,686 to close at Rs378,631, according to rates compiled and released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The steep mid-week surge quickly erased Tuesday’s minor correction, when the precious metal slipped by Rs800 to Rs437,336 per tola.
The local rally was fueled by strong momentum in overseas trade, where international bullion prices gained $43 during the day to touch $4,191 per ounce.
“Local prices are directly mirroring the sharp upward momentum in overseas bullion,” said a senior APGJSA official. “Global investors are heavily taking refuge in gold amid ongoing geopolitical uncertainty and shifts in international monetary policy expectations. When international rates cross major psychological thresholds, the domestic market reacts immediately.”
Market participants highlighted that the continuous price escalation is shifting consumer behavior across major trading hubs like Karachi, Lahore, and Rawalpindi.
“While institutional and private investment demand for gold bars and coins remains resilient as a hedge against inflation, high retail rates continue to test jewelry buyers,” noted an APGJSA market committee member. “Consumers planning for the upcoming wedding season are either downsizing their purchases or opting for lighter, lower-karat alternatives to keep costs manageable.”
In tandem with gold, domestic silver prices also recorded gains on Wednesday. The price of silver increased by Rs20 to reach Rs6,578 per tola, supported by rising industrial consumption and broader strength across the commodities complex. Analysts expect domestic precious metals to remain volatile in the near term, heavily dependent on the trajectory of the US dollar index, global central bank purchases, and local currency movements.