KARACHI: Gold prices skyrocketed on Wednesday, with the 10-gram and one-tola rates surging by single-day record rally of Rs18,090 and Rs21,100, respectively, to Rs472,961 and Rs551,662.

The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported a significant increase in the world gold price, which jumped $211 to $5,293 per ounce.

The silver prices also reached an all-time high, with the 10-gram and one-tola rates rising by Rs232 and Rs271 to Rs10,211 and Rs11,911, respectively. This surge was attributed to a $2.17 increase in the global silver rate to $114.36 per ounce.

“This is the first time in the country’s history that gold has risen by over Rs20,000 per tola compared to previous rallies ranging between Rs12,000-13,000,” said APSGJA President Qasim Shikarpuri, attributing the fresh rally to the looming global uncertainties in view of US President Donald Trump’s latest warning to attack Iran and imposing 100pc tariff on Canada in case it makes a deal with China.

He noted that speculative trading is driving the market, with investors more active than genuine jewellery buyers.

The association has advised its members to monitor social media groups involved in gold and silver speculation. As a safe-haven asset, gold typically performs well during periods of low interest rates and broader uncertainty, having gained over 20pc since the start of the calendar year 2026.

Published in Dawn, January 29th, 2026