KARACHI: Gold prices in Pakistan surged sharply on Friday, following the strong upward trend in the international market, extending a rally that has continued throughout the week. According to the latest data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola rose by an impressive Rs10,700, pushing the new local rate to Rs454,262.
The price of 10-gram gold also recorded a significant increase, climbing by Rs9,174 to settle at Rs389,456. This latest rise reflects growing volatility in global precious metal markets, triggered by economic uncertainty, shifting investor sentiment and persistent geopolitical tensions that continue to boost safe-haven demand.
The sharp upward movement comes just a day after local markets recorded a smaller increase. On Thursday, gold prices had risen by Rs500 per tola, taking the rate at the time to Rs443,562. Friday’s jump, however, marks the biggest single-day price movement seen this month, signalling stronger momentum in the international bullion markets.
Globally, gold extended its rally as the international price increased by $107, reaching $4,319 per ounce, including a premium of $20. The international surge is being attributed to weakening global economic indicators, expectations of future monetary easing by major central banks and renewed demand from institutional investors seeking safety amid market instability.
Jewellers in Pakistan say domestic gold rates are directly tracking the global trend due to the country’s dependence on imported bullion and the impact of currency fluctuations. With the rupee still under pressure, any increase in international gold prices translates into sharper jumps in the local market. Industry experts believe the trend may continue if global uncertainty persists.
The price of silver has also followed a similar trajectory. On Friday, silver rates increased by Rs232 per tola, pushing the new price to Rs6,684. Although silver traditionally sees smaller day-to-day adjustments compared to gold, the recent uptick indicates growing demand in both precious metals as investors diversify portfolios.
Gold traders noted that buying activity remains cautious, with many consumers adopting a wait-and-see approach amid rising prices. However, jewellers expect increased footfall later in the month as the wedding season progresses, even if rates remain high.
Analysts predict that Pakistan’s bullion market is likely to remain sensitive to shifts in the global economy, especially decisions related to interest rates, currency movements and geopolitical developments. With global uncertainty intensifying, precious metals may continue to draw strong buying interest in the coming weeks.
