Gold prices in Pakistan have continued to climb sharply following the coordinated US-Israeli military strikes on Iran that began over the weekend, an attack that killed Supreme Leader Ayatollah Ali Khamenei and triggered one of the most dramatic safe-haven rallies in recent financial history.
Pakistan’s Local Gold Rates
In the domestic market, the price of gold per tola jumped by Rs. 13,300, reaching Rs. 563,862. The price of 10 grams of gold similarly rose by Rs. 11,402 to Rs. 483,420, according to figures issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
This follows a sharp rise on Saturday as well, when the per tola rate had already climbed by Rs. 10,000 to reach Rs. 550,562.
Silver also saw upward movement, with the per tola price rising Rs. 188 to Rs. 10,050.
Global Gold Markets at Historic Highs
On the international front, spot gold gained around 2% to $5,384 per ounce, after touching a session high of $5,418.50 — its highest level since late January. US gold futures rose nearly 3% to $5,397 per ounce.
The global market reaction has been sweeping. Gold surged nearly 2% to test $5,400 per ounce — its highest since January 30 — while Brent crude spiked as much as 13% to $82 per barrel, a 14-month high, as the strikes triggered the effective closure of the Strait of Hormuz, through which roughly 20% of the world’s daily oil supply passes.
Why Gold Is Rising
Investors poured into safe-haven gold amid fears of a broader regional conflict and potential disruption to oil shipments through the Strait of Hormuz, a critical global energy artery. The geopolitical shock triggered a classic risk-off move across markets, with equities sliding and crude oil surging, reinforcing bullion’s appeal as a store of value.
David Meger, director of metals trading at High Ridge Futures, noted that markets are trying to assess whether these strikes will be sustained over coming weeks, and that uncertainty is what is likely to keep supporting prices.
Broader Market Impact
US markets opened sharply lower on March 2, with S&P 500 futures falling around 1.4% and Dow futures dropping roughly 1.2%, reflecting a broad shift away from risk assets. US President Donald Trump indicated that combat operations will continue, while Iran has announced a temporary leadership council following Khamenei’s death.
JPMorgan has raised its gold price target to $6,300 per ounce by December 2026, reflecting analyst confidence that the current surge may not be short-lived.
What’s Next?
With the conflict still unfolding and no clear sign of de-escalation, analysts expect gold prices in Pakistan and globally to remain elevated. Any further escalation in the Middle East — particularly involving Iranian retaliatory strikes or prolonged Hormuz disruption — could push domestic gold rates even higher in the days ahead.
Rates are subject to change. Investors should monitor daily updates from APGJSA for the latest local figures.