Gold prices in Pakistan recorded a modest increase on Monday, July 20, 2026, aligning with gains in the international bullion market. According to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold per tola rose by Rs300 to reach Rs424,536, while 10 grams increased by Rs258 to settle at Rs363,971. Silver rates also climbed, gaining Rs107 to trade at Rs6,177 per tola.

The global bullion market reflected a similar upward trend, with spot gold increasing by $3 to reach $4,021 per ounce. Investors are closely tracking escalating conflicts across the Middle East, where repeated strikes and attacks have disrupted regional operations and pushed Brent crude oil prices up by nearly 16% over the past week, renewing global concerns over elevated energy costs and inflationary pressures.

Despite the recent price bump, market analysts highlight that gold continues to face broader headwinds due to expectations of prolonged high interest rates from the US Federal Reserve. Because higher interest rates raise the opportunity cost of holding non-yielding assets, gold prices are expected to remain volatile as traders weigh safe-haven demand against major central bank monetary policies and shifting economic indicators.