The 72-year-old man was attacked around 1 p.m. PT on Thursday in the 7300 block of 128th Street.
He was found by police shortly afterwards and was taken to hospital with non-life threatening injuries to his face and hands.
Witnesses say the suspect was a man in his early 20s with a dark complexion, around five feet eight inches tall, with a slim build.
The suspect was thought to be wearing a dark hoodie, red jacket, and dark sweat pants. Police say he fled the area southbound along park trails. Despite extensive patrols, he has still not been found.
Police believe the elderly man's rings were the target and ask anyone with any information to call the Surrey RCMP at 604-599-0502, or to remain anonymous, contact Crime Stoppers.