Gold prices in Pakistan continued their upward momentum on Wednesday, hitting a new record level in the domestic market as both local and international factors fueled the rally.

According to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola surged by Rs 4,300 to reach an all-time high of Rs 486,162. Similarly, the price of 10 grams of gold jumped by Rs 3,687 and was sold at Rs 416,805 in the local market.

The sharp increase follows gains recorded a day earlier. On Tuesday, gold prices had already risen by Rs 900 per tola, closing at Rs 481,862, indicating strong buying interest and sustained bullish sentiment among investors.

Market experts say the continued rise reflects growing demand for gold as a safe-haven asset amid global economic uncertainty, currency fluctuations, and geopolitical tensions. Local prices are also influenced by movements in the international bullion market and the rupee’s performance against the dollar.

In the international market, gold prices climbed by $43 to reach $4,638 per ounce, including a premium of $20. Analysts note that expectations of interest rate adjustments and persistent inflation concerns have kept global gold prices elevated, directly impacting domestic rates in Pakistan.

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Meanwhile, silver prices also followed an upward trend. The price of silver per tola increased by Rs 500 to settle at Rs 9,575, reflecting broader strength in precious metals.

With gold trading at historic highs, jewellers report cautious buying from consumers, while investors continue to view the precious metal as a reliable hedge against economic volatility.