Gold Shines at Record Rs425,178 per Tola as Global Prices Cross $4,000 Mark

KARACHI: Gold prices in Pakistan soared to an all-time high on Wednesday, reflecting a historic surge in the international market where the precious metal crossed the $4,000-per-ounce milestone for the first time.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in the local market jumped by Rs8,400 to settle at Rs425,178, while the rate for 10 grammes rose by Rs7,202 to reach Rs364,521.

The rally followed Tuesday’s gain, when the per tola price had closed at Rs416,778 after rising by Rs1,500.

Globally, gold continued its record-breaking run, gaining 1.2 percent to $4,032.46 per ounce by 6:53 GMT, while US gold futures for December delivery advanced 1.3 percent to $4,054.80. APGJSA reported the global rate at $4,039 per ounce with a $20 premium, marking an $84 daily increase.

Silver prices also strengthened, climbing Rs55 per tola in the local market to reach Rs4,984, while international silver rose 2 percent to $48.76 per ounce.

Analysts attribute the global rally to a combination of economic uncertainty, geopolitical risks, and speculation of US interest rate cuts. The ongoing US government shutdown, coupled with global conflicts such as the war in Ukraine and tensions in the Middle East, has further fuelled demand for safe-haven assets.

“Background factors remain much the same as before, with persistent geopolitical uncertainty and the added risk of a government shutdown,” said Rhona O’Connell, senior analyst at StoneX. “There’s a growing tendency for investors to manage risk through gold.”

Spot gold has gained about 54 percent so far this year, making it one of the best-performing assets of 2025, outpacing global equities and cryptocurrencies while offsetting weakness in the US dollar and oil prices.

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Experts say robust central bank purchases, inflows into gold exchange-traded funds, and a softening dollar have all contributed to the metal’s meteoric rise.

In Pakistan, gold prices have maintained an upward trajectory throughout October. Starting the month at Rs410,278 per tola, the metal broke past Rs425,000 on October 8, reflecting its close correlation with international trends.