Gold rates in Pakistan continued their upward streak on Tuesday, mirroring gains in the international market, as investors turned to the precious metal amid growing uncertainty in global markets.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold rose by Rs1,500 per tola, reaching a new record high of Rs416,778. The price of 10-gramme gold also climbed by Rs1,286 to Rs357,319.
On Monday, the gold price had already witnessed a hefty rise of Rs5,400 per tola, taking it to Rs415,278.
In contrast, silver prices in the local market slipped by Rs20 per tola, settling at Rs4,929.
Global rally drives local surge
The international gold market continued its strong momentum on Tuesday, supported by expectations of further US interest rate cuts and a wave of safe-haven demand. Spot gold hovered around $3,960 per ounce at 0130 GMT after hitting a new record high of $3,977.19 earlier in the day.
As per APGJSA, the global rate stood at $3,955 per ounce, including a $20 premium, marking a $15 increase from the previous session.
The precious metal has climbed an impressive 51 percent so far this year, fuelled by aggressive central bank buying, a weaker dollar, and rising demand from exchange-traded funds (ETFs). Retail investors have also turned to gold as a shield against growing geopolitical tensions and trade-related uncertainty.
Analysts eye further gains
Market experts expect gold’s rally to continue in the coming months. Michael Langford, chief investment officer at Scorpion Minerals, projected that gold could reach $4,300 per ounce within the next six months as the US dollar continues to weaken and global risks remain elevated.
Meanwhile, Goldman Sachs raised its December 2026 price forecast for gold to $4,900 per ounce, up from its previous estimate of $4,300, citing strong investment demand and central bank purchases.
Gold’s strong local performance
Gold prices in Pakistan have seen a steady climb over the past week. Starting from Rs403,600 per tola on September 29, the precious metal’s price has surged almost daily, reflecting the global uptrend. After touching Rs406,778 on September 30 and Rs410,278 on October 1, the price saw a brief dip to Rs407,778 on October 2 before stabilising and climbing again to Rs409,878 by October 4.
The current rally pushed the gold rate further to Rs415,278 on October 6, followed by Tuesday’s fresh high of Rs416,778, setting yet another record.
Demand likely to stay strong
With inflation concerns, a softer dollar, and lingering geopolitical tensions, analysts expect gold’s appeal to remain strong among both institutional and retail investors.
For many in Pakistan, gold continues to be seen not just as a luxury asset but also as a trusted store of value amid currency fluctuations and rising inflation, keeping demand resilient despite record-high prices.
