The latest rates were shared by the All Pakistan Sarafa Gems and Jewellers Association, confirming this as the highest level ever recorded in the country’s history.

Similarly, the price of 10 grams of 24 karat gold jumped by Rs7,202 to Rs364,521 from Rs357,319. For 22 karat gold, the rate rose by Rs6,602 to settle at Rs334,156 compared to Rs327,554 previously.

The international market also witnessed a strong surge as gold climbed by $84, reaching $4,039 per ounce from the previous $3,955.

Following gold’s rally, silver prices also gained momentum. Per tola silver rose by Rs55 to Rs4,984, while 10 grams went up by Rs47 to Rs4,272. International silver prices increased slightly to $48.80, showing a gain of $0.55.

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According to the Jewellers Association, these rates are based on the interbank exchange rate and a 24 karat purity level of Rs999 per gram. The association described the current prices as “the highest in Pakistan’s history,” driven by global market fluctuations and the unstable rupee.

The sudden spike in gold prices reflects global uncertainty and local currency pressure. Investors are rushing towards safe assets like gold as the rupee continues to weaken. Experts believe the current momentum could continue unless the dollar stabilizes and international markets cool down. However, buyers are now finding gold unaffordable, hinting that jewelry demand may drop in the coming weeks.