Karachi, March 2, 2026 – Gold prices in Pakistan skyrocketed on Monday, rising by Rs13,300 per tola following escalating conflict in the Middle East, which sent shockwaves through global financial and commodity markets.
According to the All Pakistan Sarafa, Gems and Jewellers Association, the price of 24-karat gold per tola climbed to Rs563,862, up from Rs550,562 recorded last Saturday in local bullion markets. Similarly, the price of 24-karat gold per 10 grams rose to Rs483,420 from Rs472,018, reflecting strong upward momentum in domestic markets.
The gold prices in Pakistan previously reached an all-time high of Rs572,862 per tola on January 29, 2026, highlighting the persistent volatility influenced by global events.
Global Factors Driving the Surge
Bullion market experts attributed the sharp rise in Pakistan’s gold prices to global uncertainty in the commodity market, particularly after military strikes by Israel and the United States on Iran. These events have created widespread chaos, causing crash-like conditions in financial and commodity markets worldwide.
Experts warn that gold prices are likely to climb further if tensions in the Middle East continue to escalate.
In international markets, the price of gold per ounce rose by $133, ending at $5,411, up from the previous $5,278, indicating strong global demand for safe-haven assets amid geopolitical unrest.
Impact on Pakistan’s Domestic Market
Pakistan is a net importer of gold to meet local demand for jewelry manufacturing and exports. Any fluctuations in global gold prices directly affect the domestic bullion market, causing immediate impacts on traders, manufacturers, and consumers.
Market analysts advised investors and jewelers to closely monitor international gold trends and remain cautious, as further geopolitical developments could lead to additional price surges in the local market.