Gold breaks all records in Pakistan, crosses Rs406,000 per tola

KARACHI: Gold prices in Pakistan climbed to a new record on Tuesday, ending the month at the highest level ever seen in the country as international bullion markets continued their upward rally.

According to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola in Pakistani settled at Rs406,778 after gaining Rs3,178 in a single day. Similarly, 10-gramme gold was sold for Rs348,746 following an increase of Rs2,725.

This new peak comes only a day after gold had already breached the Rs400,000 mark, finishing Monday at Rs403,600 per tola following a sharp Rs5,900 jump. The pace of gains has left traders, jewellers, and ordinary buyers stunned, as the precious metal continues to scale new heights week after week.

International market drives rally

The rally is not confined to Pakistan. Globally, gold hit a fresh high on Tuesday, trading around $3,870 per ounce. Analysts noted that the metal is on track for its strongest monthly performance in nearly 16 years. Spot gold prices have already climbed more than 12 percent in September, with futures in the United States also registering steady gains.

Experts say growing fears of a potential US government shutdown, combined with expectations of fresh interest rate cuts by the Federal Reserve, have boosted demand for the safe-haven asset. “The looming government shutdown creates a haze of uncertainty over the market, which has served to accelerate gold’s gains,” explained Tim Waterer, Chief Market Analyst at KCM Trade.

He added that the $4,000 per ounce mark now appears to be a viable year-end target, with lower interest rates and ongoing geopolitical tensions helping sustain gold’s momentum.

Silver slips despite gold’s shine

Interestingly, while gold has been soaring, silver prices in Pakistan have moved in the opposite direction. On Tuesday, silver fell by Rs16 per tola, bringing its rate down to Rs4,776. The divergence between the two metals highlights how investors are concentrating their bets on gold as global uncertainty deepens.

Gold prices in Pakistan throughout September 2025

September has been nothing short of extraordinary for gold in Pakistan. The month opened with prices at Rs370,700 per tola on September 1, already a record at the time. But the pace of increases accelerated rapidly. By September 8, gold had crossed Rs384,000 per tola, and just one day later it jumped to Rs388,100.

Here’s how gold performed during the month of September:

The rally faced minor hiccups along the way, with prices dipping on September 11 and 13, but each correction was followed by another surge. On September 16, gold rose to Rs391,000 per tola, only to retreat slightly in the following sessions. Yet by September 20, it had bounced back to Rs390,300.

The final week of the month proved to be the most dramatic. On September 22, gold jumped to Rs393,700, then crossed Rs398,800 the very next day. Though the price briefly eased on September 25 and 26, it quickly recovered, crossing the Rs400,000 milestone on September 29. Tuesday’s close at Rs406,778 cemented September 2025 as the most remarkable month for gold in Pakistan’s history.

Impact on buyers and jewellers

For jewellers and small investors, the relentless rally has created mixed fortunes. Traders in Lahore say footfall at jewellery shops has declined, with many ordinary customers now finding gold far out of reach.

At the same time, investors who had bought gold earlier this year are reaping huge profits. For them, the safe-haven metal has once again proved to be a reliable shield against currency volatility and inflation.

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