KARACHI: Gold prices surged in Pakistan on Saturday, August 8, 2026, following a sharp rise in the international bullion market, marking the fourth consecutive daily increase.
According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold per tola increased by Rs2,200 to Rs456,536, up from Rs454,336 a day earlier.
Similarly, the price of 24-karat gold per 10 grams rose by Rs1,887 to Rs391,406, compared with Rs389,519 on the previous day.
In the international market, gold gained $22 to reach $4,341 per ounce, up from $4,319, according to the association.
In contrast, silver prices declined in the local market. The price of silver per tola fell by Rs113 to Rs6,826, compared with Rs6,939 previously.
Global factors drive gold higher
Gold prices drew support from a weaker US dollar, making the dollar-denominated precious metal more attractive to buyers holding other currencies.
Meanwhile, oil prices extended their gains on Friday amid renewed concerns over shipping through the Strait of Hormuz after Iran, in coordination with Oman, proposed restricting the passage of vessels deemed hostile and imposing heavy fines on those violating the proposed regulations.
Brent crude futures rose 99 cents, or 1.2%, to $83.48 a barrel, while US West Texas Intermediate (WTI) crude futures gained 85 cents, or 1.1%, to $78.84.
According to Iran’s Fars News Agency, a parliamentary committee is reviewing draft legislation that would prohibit US, Israeli and other vessels considered hostile from transiting the Strait of Hormuz and impose fines of up to 20% of the cargo’s value on violators.
Investors also continued to monitor developments in the Middle East. Qatar said mediators were making progress in efforts to ease regional tensions following the US-Iran conflict, although Tehran denied US President Donald Trump’s claim that negotiations were already underway.
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“Gold’s relationship with oil is still intact, as oil prices have a tremendous impact on the global economy through inflationary pressures. If we get a very clear roadmap for further de-escalation in tensions, gold prices could move higher,” said Kelvin Wong, senior market analyst at OANDA.
Analysts expect gold prices to remain volatile in the coming days as investors closely monitor geopolitical developments, movements in the US dollar, key economic data releases and monetary policy decisions by major central banks.
Traditionally regarded as a safe-haven asset during periods of geopolitical and economic uncertainty, gold remains highly sensitive to changes in global risk sentiment, inflation expectations and interest-rate expectations.