KARACHI: A jump of $65 per ounce to $4,988 has pushed domestic 10-gram and one-tola gold (24kt) rates to new all-time highs of Rs446,812 and Rs524,162, respectively, reflecting an increase of Rs5,573 and Rs6,600 from Friday’s rates.

Rates issued by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), based on interbank exchange rates, quoted the one-tola silver (24kt) rate at Rs10,801, up Rs526, while the 10-gram rate rose Rs451 to Rs9,260. This follows an increase in the world silver price by $5.26 per ounce to $103.26.

Gold and silver continue to attract global investors, including in Pakistan, as safe-haven assets amid ongoing geopolitical tensions and expectations of further US interest rate cuts. Previously, the Ukraine-Russia war, the Gaza-Israel conflict, and US-imposed tariffs under President Donald Trump had driven gold prices to record highs.

APSGJA President Qasim Shikarpuri said the recent rise in gold prices was also influenced by Trump’s statements on imposing higher tariffs on European countries that opposed his demand to take control of Greenland, followed by retaliatory measures from those countries.

“Any settlement between European countries and the US on tariff issues may trigger a downward correction in world gold prices,” he said.

Mr Shikarpuri claimed that gold in the domestic market is being sold under cost at Rs517,000-518,000 per tola, compared to Rs524,162 announced by the association. Domestic rates are also lower by Rs25,000 per tola compared to Dubai prices.

“A sort of profit-selling is taking place, as some investors who purchased gold at Rs450,000-455,000 per tola are now selling the metal,” he said, adding that some investors are making fresh purchases in anticipation of further increases in world gold prices.

Mr Shikarpuri said the gold market appeared deserted as genuine jewellery buyers have been absent due to the meteoric rise in prices and affordability issues amid the rising cost of living. Currently, only investors are actively buying and selling gold in the market.

Published in Dawn, January 25th, 2026