Karachi, February 22, 2026 – Pakistan’s bullion market witnessed a strong bullish trend during the week ended February 21, 2026, with gold and silver prices surging sharply amid escalating geopolitical tensions, intensifying global trade disputes, and sustained investor demand for safe-haven assets.
Both local and international markets remained highly volatile, driven by concerns over slowing global growth, rising geopolitical risks, and uncertainty surrounding trade policies. These factors significantly boosted demand for precious metals, pushing prices to record or near-record levels.
Weekly Performance Overview
Over the week, 24-karat gold per tola in the local market rose from Rs523,762 on February 16 to Rs533,562 on February 21, marking a net weekly increase of Rs9,800. Meanwhile, silver per tola climbed from Rs8,164 to Rs8,948, reflecting a weekly gain of Rs784.
On the global front, gold prices surged from $5,010 per ounce to $5,108, gaining $98, while silver rose from $76.80 to $84.64 per ounce, posting a strong increase of $7.84 during the week.
Day-by-Day Market Movement
The week began on a mixed note. On February 16, gold slipped by Rs3,200 per tola in Pakistan to settle at Rs523,762, mirroring a global decline of $32 per ounce. Silver also edged lower, falling Rs55 per tola to Rs8,164.
However, the trend reversed sharply on February 17, as heavy selling in global equities and rising geopolitical tensions pushed investors back toward safe havens. Despite a brief correction, gold closed at Rs514,762 per tola, while silver stood at Rs8,041.
Momentum turned decisively bullish on February 18, when gold rebounded strongly to Rs516,062 per tola, supported by a $13 per ounce increase in international prices. Silver followed suit, gaining to Rs8,046.
The rally accelerated on February 19, with gold jumping Rs7,900 to Rs523,962 per tola and silver rising Rs358 to Rs8,404, driven by a sharp $79 per ounce surge in global gold prices.
On February 20, bullish sentiment remained intact as gold climbed further to Rs526,462 per tola, while silver rose to Rs8,574, reflecting persistent demand.
The week ended on a strong bullish close on February 21, with gold surging Rs7,100 to Rs533,562 per tola, while silver added Rs374 to settle at Rs8,948. Globally, gold advanced $71 to $5,108 per ounce, and silver rose $3.84 to $84.64.
Local Market Review: Strong Buying and Limited Supply
In Pakistan, jewellers and bullion dealers reported heightened retail and institutional buying, particularly during the latter half of the week. Demand was supported by currency depreciation fears, inflationary concerns, and expectations of further global price increases.
Market participants noted that limited local supply and strong import costs amplified price movements. The persistent weakening bias of the Pakistani rupee also contributed to higher domestic prices, even when international markets saw brief corrections.
Impact of Geopolitical Tensions and Trade Disputes
The ongoing geopolitical instability in the Middle East and Eastern Europe, along with rising tensions between major global economies, significantly influenced market sentiment. At the same time, renewed trade disputes involving higher tariffs and protectionist policies triggered concerns about global economic growth, inflation, and supply chain disruptions.
These uncertainties drove investors away from risk assets toward gold and silver as traditional hedges, boosting prices both globally and locally. Analysts noted that the escalation of tariff measures and the possibility of retaliatory trade actions kept markets on edge throughout the week, sustaining safe-haven demand.
Outlook for the Coming Week
Looking ahead, bullion traders expect continued volatility in both gold and silver markets. Any further escalation in geopolitical tensions, unexpected economic data, or developments in global trade negotiations could trigger fresh rallies.
In the local market, prices are likely to remain elevated, with short-term corrections possible but limited due to strong underlying demand, currency pressures, and high global prices.
Final Assessment
The week ended February 21, 2026, marked one of the strongest bullish runs in Pakistan’s bullion market in recent months, driven by global uncertainty, geopolitical risk, and sustained investor interest in safe-haven assets. With global markets remaining fragile, gold and silver are expected to retain their upward bias, keeping domestic prices firm in the days ahead.