Gold prices in Pakistan surged to a fresh all-time high on Tuesday, January 20, 2026, mirroring strong gains in the international bullion market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola climbed by Rs4,300 to reach Rs493,662, marking a new record level. Similarly, the rate for 10 grams of gold increased by Rs3,686 to Rs423,235.
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This upward movement followed Monday’s sharp rise of Rs7,500 per tola to Rs489,362, highlighting a consistent bullish trend in recent days. Internationally, spot gold rose by $43 to $4,713 per ounce, with a premium of $20 noted in some trading.
Bullish Momentum from Global Factors
The local surge was directly aligned with international gold’s performance, where prices continued to benefit from factors such as expectations of lower interest rates globally, safe-haven demand amid geopolitical uncertainties, and a relatively softer US dollar in recent sessions.
Traders observed that the precious metal has been on an upward trajectory for several days, breaking previous records repeatedly. This momentum has pushed Pakistani gold prices close to the significant psychological barrier of Rs500,000 per tola, fuelling interest among investors and jewellers alike.
Silver also saw gains, rising by Rs87 to Rs9,869 per tola, reflecting broader precious metals strength. The consistent increases have been driven by robust global demand, with gold futures and spot prices hitting multi-year or record highs in response to macroeconomic signals.
Implications for Local Market and Investors
In the domestic context, the rapid appreciation has implications for buyers, including those planning weddings or investments, as higher prices make purchases more expensive amid already elevated inflation concerns. Jewellers reported increased inquiries but cautious buying due to the volatility.
Analysts suggest that if international trends persist—particularly with ongoing central bank policies favouring rate stability—local rates could test or surpass Rs500,000 soon. However, any reversal in global sentiment could lead to corrections. Overall, the rally underscores gold’s enduring appeal as a hedge in uncertain times, with Pakistan’s market closely tracking worldwide movements.