ISLAMABAD: The international gold market has seen the price per ounce approach $5,000 for the first time in history.
Gold and silver continue to set new records in both global and local markets, driven higher by massive purchases from several countries’ central banks and escalating geopolitical tensions.
According to the All Pakistan Sarafa Gems and Jewellers Association:
- The price of 24-karat gold per tola rose by PKR 6,500, reaching a record high of PKR 521,162.
- The price per 10 grams of gold increased by PKR 5,583, hitting an all-time peak of PKR 446,812.
Silver also surged, with the price per tola climbing PKR 526 to a record level of PKR 10,801.
In the international market, gold rose by $65 per ounce, reaching a historic high of $4,988 per ounce.
Over the past five years, gold prices in Pakistan have experienced a dramatic and sustained increase.
In early 2021, 24-karat gold was trading at roughly Rs 110,000 to 120,000 per tola. By late 2024 the price had climbed sharply into the Rs 250,000–300,000 range.
The upward momentum continued strongly throughout 2025, with levels moving from around Rs 300,000–350,000 early in the year to well above Rs 400,000 by the end of 2025.
As of January 2026, the price has reached unprecedented record highs, touching between Rs 515,000 and Rs 521,162 per tola.
In just five years the cost of gold per tola in Pakistan has multiplied approximately 4 to 5 times.
This extraordinary rise has been driven primarily by the surge in international gold prices (from around $1,800 to nearly $5,000 per ounce), persistent depreciation of the Pakistani rupee, ongoing geopolitical uncertainties, and aggressive gold accumulation by central banks around the world.
As a result, gold has become an increasingly popular safe-haven asset among Pakistani investors, although the rapid gains have also come with noticeably higher price volatility.
