KARACHI: The gold price in Pakistan witnessed another massive surge on Wednesday, leaving consumers amazed and jewelers adjusting their price boards once again. According to the All Pakistan Gems and Jewellers Association, the gold price per tola increased by Rs11,100, taking the total price to Rs488,962 per tola. Similarly, 10 grams of gold also witnessed an increase of Rs9,517 and the gold price per tola became Rs419,206.
The steep rise in gold price is due to a major development in the international market, as the gold price has shot up by $111 per ounce and now stands at $4,666 per ounce.
Gold Price in Pakistan Surges After Global Rally
The reason for this can be found in the convergence of several concerns, which do not appear to ease anytime soon. Geopolitical uncertainties, especially those arising from the ongoing crisis in the Middle East, keep driving investors into gold. US troops were seen recently escorting ships in the Strait of Hormuz following Iranian warnings, and there is news that the UAE intercepted cruise missiles, attributing the major fire at its biggest port to a drone attack by Iran. Each incident further drives the buyers towards gold.
Also Read: A Small drop in Global Gold Prices Pulled Pakistan’s Local Bullion Rates Lower on Friday.
According to the Q1 2026 report by the World Gold Council, total gold demand stood at 1,231 tonnes in the quarter, which was a 2% growth on a yearly basis, while the value of gold demand jumped 74% to a record $193 billion. This is an indication of an underlying change in the global perspective towards gold.
In Q1 2026, central banks bought 244 tonnes of gold, surpassing the last quarter as well as the five-year average. When the world’s central banks buy this aggressively, retail investors take notice and Pakistan’s market moves accordingly.
Pakistan Feels Every Global Tremor
Pakistan’s gold market has always been sensitive to international price movements. The rupee-dollar exchange rate amplifies every global shift, meaning Pakistani consumers absorb the full force of both the dollar price rise and any currency weakness simultaneously.
For ordinary Pakistanis particularly those who invest in gold jewelry as a store of value or plan weddings around gold purchases Wednesday’s jump lands hard. A jump of Rs11,100 within a day is no mere deviation. It cuts back choices and leaves even less room in an already squeezed budget.
Where Is It Going?
According to JP Morgan’s forecast, gold prices will reach US$5,000 per ounce by Q4 of 2026. Analysts expect central banks and investors to maintain average quarterly demand at around 585 tons. If that is what happens, Pakistanis can expect to see increased pressure on gold prices in the coming months.
