Gold surges Rs21,000 in a day amid global uncertainty

Price per 10 grams also rises by Rs18,090

Gold and silver prices in Pakistan surged to historic levels on Wednesday following heightened geopolitical tensions and uncertainty in global markets.

The spike comes amid strained relations between the European Union and the United States, the arrival of a US aircraft carrier in the Middle East, and Iranian military exercises near the Strait of Hormuz.

In the international bullion market, the price of gold per ounce jumped $211 to $5,293. This pushed 24-carat gold per tola in local markets up by Rs21,100 to Rs551,662, setting a one-day record.

The price per 10 grams also rose from Rs18,090 to Rs472,961.

Silver prices followed suit, with international rates rising $2.36 per ounce to $114.27. In local markets, silver per tola climbed from Rs271 to Rs11,911, while per 10 grams it increased by Rs232 rupees to Rs10,211.

Spot gold jumped 1.7% to $5,275.68 an ounce by 0940 GMT after scaling a record $5,311.31. Prices gained more than 3% in the previous session.

US gold futures for February delivery jumped by 3.7% to $5,271.70 an ounce.

Spot silver edged down 0.2% to $112.82 an ounce after hitting a record high of $117.69 ​on Monday. It has gained nearly 60% so far this ‍year.

Spot platinum was up 0.1% at $2,644.35 an ounce, having hit a record $2,918.80 on Monday, while palladium was also up 0.1% ​at $1,935.57.

Read: Gold eases despite global rally

Earlier on Tuesday, gold prices in Pakistan eased by Rs1,500 , diverging from a powerful rally in international markets where bullion surged beyond the historic $5,000 per ounce threshold, driven by intensifying economic and geopolitical uncertainty and sustained safe-haven demand.

In the domestic market, the price of gold per tola declined by Rs1,500 to Rs530,562, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price of 10-gram gold fell by Rs1,286 to Rs454,871.

The modest pullback followed Monday's sharp rally, when gold surged by Rs10,900 per tola to hit a record Rs532,062, reflecting the strong transmission of the global price breakout into local markets.

Internationally, spot gold rose 1.3% to $5,079.62 per ounce by 1441 GMT, after touching an all-time high of $5,110.50 on Monday and closing at $5,014.29, according to Reuters. The metal has now gained more than 62% since 2025, marking one of the strongest annual rallies in modern market history. Analysts attribute the surge to persistent safe-haven demand amid geopolitical instability, currency volatility, and heightened macroeconomic uncertainty.

Meanwhile, silver in Pakistan rose by Rs212 to Rs11,640 per tola, reflecting broader volatility across precious metal markets as investors reposition portfolios in response to global risk dynamics.