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Gold scales new peak in Pakistan amid soaring global demand

Gold scales new peak in Pakistan amid soaring global demand

Web Desk
Sep 16, 2025

KARACHI: Gold is once again stealing the spotlight in Pakistan’s bullion market, continuing a stunning rally that has seen prices shatter record after record this month.

On Tuesday, the price of 24-karat gold jumped by Rs4,700 in a single day, pushing it to an unprecedented Rs391,000 per tola, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The 10-gramme price also surged by Rs4,030 to settle at a record Rs335,219.

This milestone marks one of the sharpest climbs in recent memory. Since the start of September, gold has gained more than Rs20,000 per tola, rising from Rs370,700 on September 1 to today’s new peak.

Only a day earlier, the metal had been steady at Rs386,300 per tola.

International momentum driving local prices

The rally in Pakistan is closely tied to soaring international prices. Global spot gold climbed to as high as $3,689.27 per ounce during early Tuesday trade before hovering around $3,681.18. US gold futures for December delivery were also holding firm at $3,718.50.

Later in the day, spot gold touched a fresh high of $3,697.05 before easing slightly to $3,688.41, while futures rose to $3,726.70. This surge comes as the dollar weakens and traders bet heavily on the US Federal Reserve cutting interest rates at its policy meeting this week.

“The weaker dollar plays a role, but it is all connected to the expectation that the Fed will cut rates this week,” said Giovanni Staunovo, analyst at UBS.

Market data suggests investors are pricing in a near-certain 25-basis-point cut, with some even betting on a bigger 50-bp move. Adding to the pressure, US President Donald Trump on Monday publicly urged the Fed to go for a “bigger” cut.

A month of dramatic swings

Here is a table showing the daily gold prices in Pakistan for September 2025 so far:

Date	Change type	Change amount (Rs)	Price per tola (Rs)
Sept 1	Increase	+3,300	370,700
Sept 2	Unchanged	0	370,700
Sept 3	Increase	+6,000	376,700
Sept 4	Unchanged	0	376,700
Sept 5	Increase	+1,200	377,900
Sept 6	Holiday (Unchanged)	0	377,900
Sept 7	Sunday (Unchanged)	0	377,900
Sept 8	Increase	+6,100	384,000
Sept 9	Increase	+4,100	388,100
Sept 10	Unchanged	0	388,100
Sept 11	Decrease	−4,100	384,000
Sept 12	Increase	+2,500	386,500
Sept 13	Decrease	−200	386,300
Sept 14	Sunday (Unchanged)	0	386,300
Sept 15	Unchanged	0	386,300
Sept 16	Increase	+4,700	391,000

The latest spike caps what has been an extraordinary run for gold this month. Prices kicked off September at Rs370,700 per tola, then rocketed to Rs376,700 by September 3 and Rs384,000 by September 8. They hit Rs388,100 on September 9, dipped briefly to Rs384,000 on September 11, then steadied at Rs386,300 on September 13 and 15.

Tuesday’s jump to Rs391,000 is the highest price ever recorded for gold in Pakistan’s market.

Silver has also edged higher during this period. On Tuesday, its price rose by Rs53 to reach Rs4,496 per tola.

What next for gold?

With the Federal Reserve’s decision just around the corner and global investors piling into safe-haven assets, analysts believe gold’s rally may continue in the near term. However, some market watchers at the India Gold Conference in New Delhi have warned that a correction could be due before prices attempt to break the $4,000 per ounce barrier in 2026.

For now, the precious metal shows no sign of cooling off. Each passing week seems to bring a new record, and Pakistan’s bullion market is riding the wave of gold’s unstoppable shine.