Gold price hits new peak at Rs376,700 in Pakistan

Gold prices in Pakistan surged to new all-time high on Wednesday in line with the upward trend in the international bullion market.

According to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola rose by Rs6,000, reaching Rs376,700. The price of 10 grams of gold also climbed sharply, increasing by Rs5,144 to stand at Rs322,959.

The surge comes just a day after rates held steady at Rs370,700 per tola on Tuesday.

Globally, gold also touched a new peak as international prices hit $3,540 per ounce (with a $20 premium), marking a gain of $60, the APGJSA said.

Silver prices in the local market registered a modest increase as well, with the per-tola rate rising by Rs12 to Rs4,315.

The rally in gold has been driven by multiple factors, including expectations of interest rate cuts in the United States, growing concerns over the independence of the Federal Reserve, and robust demand from investors and central banks, Reuters reported on Wednesday.

Spot gold had already reached a record $3,527.5 by 1700 GMT on Tuesday, and analysts predict the metal could trade within a $3,600 to $3,900 range in the near to medium term. Some forecasts suggest it could even test the $4,000 level by 2026 if global economic and geopolitical uncertainties persist.

Gold prices have gained more than 34 percent since the beginning of the year. Analysts have steadily raised their outlook for 2025, with average price estimates moving from $2,756 per ounce in January, to $3,065 in April, and $3,220 in July, according to Reuters surveys.