Karachi: Gold and silver prices rose in Pakistan on Wednesday, February 4, 2026, tracking gains in the international bullion market, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).
Renewed geopolitical tensions between the United States and Iran supported gold prices, extending the metal’s recent rally after it recorded its strongest single-day gain since 2008 in the previous session.
In the local market, the price of 24-karat gold per tola increased by Rs14,800 to Rs529,162. Similarly, the price of 10 grams of 24-karat gold rose by Rs12,689 to Rs453,671.
In the international market, gold prices jumped by $148 to $5,064 per ounce, while silver climbed to $87.80 per ounce, the association said.
Meanwhile, the price of silver per tola rose by Rs109 to Rs9,255, and 10 grams of silver increased by Rs93 to Rs7,934.
“Gold has climbed back above the key $5,000 level as geopolitical tensions have boosted the metal’s safe-haven appeal following reports that US forces downed an Iranian drone,” said Jigar Trivedi, senior research analyst at IndusInd Securities.
The US military said on Tuesday it shot down an Iranian drone that “aggressively” approached the USS Abraham Lincoln aircraft carrier in the Arabian Sea, an incident first reported by Reuters.
Meanwhile, nuclear talks between the United States and Iran are expected to take place in Oman on Friday, Axios reporter Barak Ravid reported on Tuesday, citing an Arab source.
Market analysts said the long-term outlook for gold remains bullish, driven by persistent global economic uncertainty and strong demand for safe-haven assets.
They noted that gold’s intrinsic value, limited supply, and independence from government and central bank policies continue to make it an effective hedge against inflation, currency depreciation, and broader economic instability.
The yellow metal has long been regarded as a symbol of wealth and prosperity. Beyond its ornamental use, it has historically served as a safe-haven asset, offering protection during periods of economic uncertainty, geopolitical tensions, and financial volatility.
In recent years, gold’s appeal as a safe-haven investment has strengthened further as both institutional and retail investors seek security amid ongoing global economic and political instability.