Gold prices in Pakistan rose sharply on Wednesday, with 24-karat gold gaining Rs3,500 per tola to Rs425,636, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Ten grams of 24-karat gold rose by Rs3,001 to Rs364,914, while 10 grams of 22-karat gold climbed by Rs2,751 to Rs334,516. Silver also edged up, rising Rs61 per tola to Rs5,854.
A sharp reversal after Tuesday’s fall
Wednesday’s jump more than reversed Tuesday’s decline, when gold had fallen by Rs1,300 per tola to Rs422,136. The local move tracked the international market, where gold rose by $35 to $4,031 an ounce, moving back above the $4,000 mark. International silver rose by $0.61 to $53.76 an ounce, with 10 grams of silver in Pakistan reaching Rs5,018.
A tola is the traditional South Asian unit for gold, equal to about 11.66 grams, and the APGJSA rate is the benchmark jewellers across Pakistan use as their starting point. The price a customer actually pays is higher, because jewellers add making charges for crafting the jewellery, which vary by design and shop.
Why gold is rising now
Gold is often called a safe haven, meaning investors buy it when they are nervous about other assets. Two worries are in play this week. First, regional tensions flared after a reported strike on Saudi Arabia’s largest oil refinery, which also pushed Brent crude above $115 a barrel and reminded markets how quickly energy and security shocks can spread. Second, the United States Federal Reserve’s interest rate decision was due on Wednesday, with markets watching closely for any signal about a possible December move. When the outlook for interest rates and global growth is uncertain, some investors shift money into gold.
That helps explain the week’s whiplash: gold had lost Rs20,000 per tola last week, then fell again on Tuesday, before rebounding sharply on Wednesday. Big two-way moves like these are normal for gold when global prices are near record highs and every headline can shift sentiment.
What this means
For families planning a wedding or buying jewellery, Wednesday’s rise means a higher bill: on 10 grams of 24-karat gold alone, the day’s increase adds about Rs3,000 before making charges. For people who already hold gold, the same move lifts the value of their savings, at least on paper. Neither effect is permanent, and that is the key point. Gold’s price in Pakistan follows two things, the international dollar price and the rupee-dollar rate, so it can reverse just as fast as it rose.
The sensible approach for ordinary buyers is unglamorous but reliable: buy from a known jeweller, check the karat stamp, get a receipt that separates the gold value from making charges, and ask in writing what deduction will apply if you sell or exchange the piece later. Chasing a single day’s jump, in either direction, is speculation, not saving, and one day’s headline is a poor reason to rush a purchase that will last a lifetime.
Sources: Business Recorder, Aaj English TV (APGJSA rates). Written in our own words for information only — not investment advice.