KARACHI: On Saturday, February 28, 2026, gold prices in Pakistan experienced a significant surge, reacting strongly to developments in the international arena. The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) confirmed that the recent military offensive launched by the United States and Israel against Iran triggered a sharp rise in bullion prices both globally and locally. This escalation in Middle Eastern conflict has once again underscored gold’s role as a refuge for investors during times of geopolitical unrest.
Specifically, the price of 24-karat gold per tola jumped by Rs10,000, closing the day at Rs550,562. Similarly, the rate for 10 grams of 24-karat gold climbed by Rs8,574, reaching Rs472,018. Silver prices also followed an upward trajectory, with the per tola value increasing by Rs388 to settle at Rs9,862. These domestic price movements closely mirrored trends in the international bullion market, where gold prices surged by $100, hitting $5,278 per ounce. This sharp increase reflects heightened investor anxiety amid the intensifying conflict in the Middle East.
The attacks by Israel and the United States on Iran have dramatically escalated tensions in an already volatile region, casting a shadow over any prospects for peaceful diplomatic negotiations. Tehran’s longstanding disputes with Western powers have been a persistent source of instability, and the recent military actions have only deepened concerns about a wider regional conflict. This geopolitical uncertainty has had a direct impact on financial markets, pushing investors to seek refuge in assets perceived as stable and secure.
Market experts emphasize that gold’s appeal as a safe-haven asset remains robust in the face of ongoing global economic challenges. Its intrinsic value, scarcity, and independence from government monetary policies make it a preferred choice for hedging against inflation, currency devaluation, and broader economic turmoil. Analysts note that during periods marked by geopolitical crises, trade tensions, and market volatility, investors tend to move away from riskier assets like stocks and speculative currencies, instead turning to precious metals such as gold to preserve wealth.
Historically, gold has been regarded not only as a symbol of wealth and status but also as a financial safeguard during uncertain times. Its role has only grown stronger in recent years, as both institutional investors and individual buyers increasingly prioritize security amid persistent political and economic instability worldwide. The current surge in gold prices in Pakistan is a clear reflection of this trend, highlighting the metal’s enduring significance in the global financial landscape.
