Gold Hits Record Highs: Global Price Near $3,720/oz — Pakistan Tola Climbs to Rs393,700 (Sept 22, 2025)

Gold extended a record-breaking rally on Monday as global bullion markets strengthened and domestic Pakistani rates followed suit. The international benchmark climbed sharply, with spot gold trading near $3,719–$3,728 per ounce, driven by expectations of further U.S. rate cuts and renewed central-bank buying. Reuters+1

In Pakistan, wholesale rates surged: 24-karat gold rose by Rs3,400 to Rs393,700 per tola, while 10 grams climbed by Rs2,915 to Rs337,534, figures confirmed by local market reporting and the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The Nation+1

Key numbers at a glance

• Global gold: ≈ $3,719–$3,728/oz (fresh highs). Reuters+1
• Pakistan (24K, per tola): Rs393,700 (up Rs3,400). The Nation
• Pakistan (10g): Rs337,534 (up Rs2,915). The Nation
• Silver (per tola): Rs4,532; 10g: Rs3,885 (local reports). Business Recorder

What drove the rally

Analysts point to a mix of lower-for-longer interest-rate expectations, continued central-bank purchases and safe-haven flows as the primary drivers. Lower nominal rates reduce the opportunity cost of holding non-yielding bullion, which helps explain the concurrent gains in gold ETFs and physical demand. Reuters+1

Local context: taxation & imports

Policy and trade measures remain part of Pakistan’s bullion landscape. Media archives note that a 1% withholding tax on commercial gold imports was applied in 2006–07, a measure frequently referenced in pieces discussing the historical import taxation environment. Current import and tax policy developments will continue to shape domestic supply dynamics. The Express Tribune

What this means for buyers & investors

• Jewellery buyers: Expect higher retail premiums and elevated prices for hallmarked jewellery compared with last week.
• Retail investors: Physical bullion holders may show short-term book gains, but gold remains volatile — factor storage and liquidity into decisions.
• Traders & jewellers: Fast-moving wholesale levels increase the importance of margin controls and timely hedging.

Takeaway

Monday’s moves cemented a strong bullish phase for precious metals — global policy signals and central-bank demand pushed international prices to fresh highs while Pakistani markets recorded a sharp uptick in local tola rates. Market watchers should monitor U.S. policy signals (Fed commentary and inflation prints) and local regulatory news for the next inflection points.

External links (copy these into the end of your post or use them as inline anchors)

• Reuters — “Gold at record high as further Fed rate cut hopes spur investor demand.” Reuters
• Reuters — “Gold’s record-breaking rally: who’s keeping it going?” (analysis of demand drivers). Reuters
• The Tribune — “Gold sets new records in global and Pakistani markets” (local coverage & background).