After a rollercoaster ride that left buyers and investors gasping, the precious metals market in Pakistan staged a jaw-dropping comeback on Thursday, erasing recent losses with a stunning rally. Following a decisive surge on the global stage, gold prices locally didn’t just walk; they sprinted, adding a massive Rs. 13,700 in value to every single tola of 24-karat gold.

The market had been a sea of red on Wednesday, with gold shedding a modest Rs. 3,700. Many thought a cooling period had begun. But Thursday’s action proved that prediction spectacularly wrong. The new per-tola price for 24-karat gold has now skyrocketed to a historic Rs. 471,936, according to the All-Pakistan Gems and Jewellers Sarafa Association. Even smaller transactions felt the heat, with the 10-gram price jumping Rs. 11,746 to reach Rs. 404,609.

This explosive volatility was fueled by a similar dynamic in international markets, where gold prices took a dramatic leap. Global rates jumped by $137 to hit $4,495 per ounce, which includes a $20 premium. The local market, intertwined with the global one, felt the full force of this international rally.

It wasn’t just gold that made headlines. Silver, often seen as gold’s quieter sibling, also decided to join the show. Its prices recorded a sharp and significant increase, jumping by Rs. 317 per tola to close at Rs. 7,169. This broad-based rally across precious metals has completely changed the market sentiment.

With prices moving this dramatically in such a short window, the entire industry—from the individual buyer planning a wedding to the institutional investor—is on high alert. The precious metals market in Pakistan has once again shown its power to surprise, making a single day on the calendar feel like a historic market shift.