Gold prices surge in Pakistan as US and Israel attack Iran – February 28, 2026

KARACHI: Gold prices in Pakistan saw a sharp increase on Saturday, February 28, 2026, following gains in the international bullion market after the United States and Israel launched a major attack on Iran, the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported.

The price of 24-karat gold per tola rose by Rs10,000, settling at Rs550,562, while 10 grams of 24-karat gold increased by Rs8,574 to Rs472,018.

Silver prices also climbed, with the price per tola rising by Rs388 to Rs9,862.

In the international market, gold prices jumped $100 to $5,278 per ounce.

The attacks by Israel and the United States have escalated tensions in the Middle East, further dimming hopes for a diplomatic resolution to Tehran’s long-standing disputes with the West.

Market analysts said the outlook for gold remains bullish amid ongoing global economic uncertainty and sustained investor demand for safe-haven assets. They highlighted that gold’s intrinsic value, limited supply, and independence from government or central bank policies make it a reliable hedge against inflation, currency depreciation, and broader economic instability.

Analysts added that geopolitical tensions — including armed conflicts, trade disputes, and heightened market volatility — often drive investors away from riskier assets such as equities and speculative currencies, shifting demand toward bullion, which typically supports gold prices even during periods of broader economic stress.

Long regarded as a symbol of wealth and prosperity, gold continues to serve not only as an ornamental asset but also as a financial safeguard. Its safe-haven appeal has strengthened in recent years as both institutional and retail investors seek protection amid persistent global economic and political uncertainty.