Gold Shatters Records in Pakistan: Prices Surge by Rs 21,200 to Hit Historic Rs 572,862 Per Tola.

The local bullion market in Pakistan witnessed a day of extreme volatility as gold prices

The local bullion market in Pakistan witnessed a day of extreme volatility as gold prices shattered all previous records. On Thursday, January 29, 2026, the price of 24-karat gold surged by a massive Rs 21,200, reaching a staggering Rs 572,862 per tola—the highest ever recorded in the country’s history. This follows a dramatic increase of Rs 21,100 just a day earlier, marking an unparalleled two-day spike.

Why is Gold Touching the Sky?

Global “Safe-Haven” Demand: Heightened geopolitical tensions, including potential military actions in the Middle East and US-Iran tensions, have driven investors globally to safe-haven assets. International spot gold hit a fresh record peak of $5,591.61 per ounce earlier in the session.
Economic Panic: Locally, consistent inflation and the continued pressure on the Rupee have turned gold into the primary choice for wealth preservation.
The “Fed” Effect: The US Federal Reserve’s decision to keep interest rates steady (3.5%–3.75%) has influenced market sentiment, as high-interest environments typically strengthen the case for non-yielding bullion.
Speculative Trading: Qasim Shikarpuri, President of the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), has previously noted that speculative trading influenced by social media and opaque pricing remains a challenge, while traditional jewelry demand stays low due to high costs.

Market Outlook: Analysts in Karachi and Lahore predict that with no immediate price correction in sight, gold is inches away from testing the Rs 600,000 per tola mark in the coming weeks if the current momentum continues.