KARACHI: Gold prices in Pakistan climbed to yet another all-time high on Thursday, tracking a rally in the international market as investors flocked to the safe-haven asset amid renewed US-China trade tensions and rising expectations of rate cuts by the US Federal Reserve.
According to data shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold in Pakistan jumped by Rs1,900 per tola, setting a new record high of Rs442,800 per tola.
Similarly, the price of 10 grams of gold rose by Rs1,629, reaching Rs379,629, marking the highest level ever recorded.
On Wednesday, the price of 24-karat gold jumped by Rs5,800 to reach Rs440,900 per tola. The rate for 10-gramme gold had also jumped by Rs4,972 to settle at Rs378,000.
In the international bullion market, the price of gold rose by 19 dollars per ounce, reaching a new peak of 4,217 dollars.
Analysts attributed the surge in gold prices to mounting expectations of US interest rate cuts later this year, which typically make non-yielding assets like gold more appealing.
Federal Reserve Chair Jerome Powell recently signalled a cautious approach to monetary policy, saying the US economy was on a “firmer trajectory,” though the labour market remained weak.
Investors are now widely expecting a 25-basis-point rate cut in both October and December. Geopolitical uncertainty, particularly rising trade tensions between the US and China, has also boosted gold’s appeal as a safe-haven investment.
Gold’s performance in Pakistan in October 2025
Gold prices in Pakistan have mostly trended upward since the start of October, mirroring the international market’s momentum. After starting the month at Rs410,278 per tola, the yellow metal has repeatedly broken records, touching Rs440,900 by mid-month.
Here is how gold prices have moved in Pakistan so far this month:
| Date | Gold price per tola (Rs) | Change per tola (Rs) |
| October 1 | 410,278 | +3,500 |
| October 2 | 407,778 | -2,500 |
| October 3 | 407,778 | Unchanged |
| October 4 | 409,878 | +2,100 |
| October 6 | 415,278 | +5,400 |
| October 7 | 416,778 | +1,500 |
| October 8 | 425,178 | +8,400 |
| October 9 | 425,178 | Unchanged |
| October 10 | 420,600 | -4,578 |
| October 11 | 422,700 | +2,100 |
| October 13 | 428,200 | +5,500 |
| October 15 | 440,900 | +5,800 |
The data shows that despite occasional dips, the overall trend has remained strongly bullish. Gold’s continuous rise has been attributed to both global price movements and the local currency’s weakness, which amplifies the impact of international gains in the domestic market.