Gold looks set to close 2025 on a historic high in Pakistan, defying expectations and reshaping the local bullion market. Prices surged again on Tuesday, extending a rally that has gathered pace through the final months of the year.
In the domestic market, the price of 24-karat gold jumped by Rs8,500 in a single day to reach Rs470,862 per tola. Traders described the move as unprecedented, driven by a powerful rise in global prices and sustained demand for safe assets.
The cost of 24-karat gold per 10-gram also climbed sharply, settling at Rs403,688 after an increase of Rs7,288, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association.
Prices for 22-karat gold followed the same path, with the metal selling at Rs370,060 per 10-gram. In contrast, silver showed little movement. The price of 24-karat silver remained unchanged at Rs7,205 per tola and Rs6,177 per 10-gram, offering some relief to buyers.
Global market
The surge at home mirrors developments in international markets, where gold touched fresh record levels. Spot gold traded near $4,486 an ounce after rising more than 0.6 percent during the session.
Earlier in the day, prices came close to breaking the $4,500 mark as investors moved into the metal amid rising geopolitical tensions involving the US and Venezuela. US gold futures for February delivery also climbed, reaching $4,519.70.
Market analysts say uncertainty continues to support demand. Tim Waterer, chief market analyst at KCM Trade, said tensions between Washington and Caracas have kept gold in focus as a hedge against risk.
He added that expectations of lower US interest rates have strengthened the appeal of precious metals, as investors seek to protect value and diversify portfolios. Waterer said he does not believe gold or silver has reached its peak yet.
Gold has already risen more than 70 percent this year, fuelled by geopolitical strains, central bank buying, expectations of rate cuts and renewed inflows into exchange-traded funds. With global uncertainty still high, many traders believe the rally has further room to run, both internationally and in Pakistan.
