KARACHI: The glitter of gold continues to shine in global markets, driving domestic rates for 10 grams and one tola to new all-time highs of Rs423,235 and Rs493,662 on Tuesday, up by Rs3,686 and Rs4,300, respectively.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), which sets rates based on interbank exchange figures, the international gold market rose by $43 per ounce to $4,713. Reuters reports that gold reached a fresh record as rising geopolitical tensions strengthened its appeal as a safe-haven investment.
Gold, traditionally seen as a secure store of value during periods of economic and political uncertainty, surged 64% in 2025 and has gained an additional 10% since the start of this year. Its rally has also been fueled by expectations of US interest rate cuts, lowering the opportunity cost of holding non-yielding bullion.
APSGJA President Qasim Shikarpuri noted that global gold purchases, including in Pakistan, have intensified, particularly following US President Donald Trump’s announcement of tariffs on European countries. However, he observed that gold jewellery demand in Pakistan weakens with every rise in local rates. “Families visiting shops often polish their silver jewellery for daughters’ weddings instead of buying pure gold,” he explained.
Qasim added that gold in Pakistan is currently selling at a discount of Rs30,000 per tola compared to Dubai rates.
