Gold Prices Steady in Pakistan While Silver Declines

KARACHI: Gold prices held steady in Pakistan while silver declined on Tuesday, according to rates released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The price of 24-karat gold remained unchanged at Rs 412,136 per tola and Rs 353,340 per 10 grams.

The 22-karat rate per 10 grams also held steady at Rs 323,906, while silver fell by Rs 120 per tola and Rs 4,602 per 10 grams.

These figures represent the national benchmark based on interbank exchange rates and 999-purity gold. In Karachi, local Sarafa boards occasionally quote slightly higher intraday levels, with the Karachi board reporting around Rs 413,800 per tola later in the session to reflect dealer spreads and real-time market adjustments.

Internationally, gold hovered around $3,896 per ounce across the association’s reference points, with live spot prices trading in a wider range near $3,900 to $3,940. Silver was weaker, with the association posting $48.90 per ounce—down roughly $1.20 in some reports—while live international quotes traded closer to $49 to $50. Local rates largely track international spot prices through the USD/PKR exchange rate, meaning movements in the dollar, global risk sentiment, and industrial demand for silver directly influence Sarafa pricing.

Tuesday’s stability stood in contrast to Monday’s Rs 2,400 gain, which had pushed gold back to its current level of Rs 412,136. However, the broader trend remains sharply lower than the 2026 highs, when the metal traded well above Rs 500,000 per tola earlier in the year. Prices peaked near Rs 541,000 in March before declining through the autumn into the Rs 400,000 to Rs 430,000 range by October.

Silver has shown greater volatility. After rising the previous day, it retreated on Tuesday, tracking softer global rates and sensitivity to industrial demand from solar, electronics, and other sectors, along with gold-silver ratio dynamics. Market participants noted that Pakistani bullion remains closely tied to global rates and rupee-dollar movements; local prices tend to rise when the dollar weakens internationally, independent of nominal dollar-rate shifts. Jewelry, wedding-season, and investment demand still drive intraday price fluctuations, though these effects have lessened due to the very high absolute price levels in the domestic market.

For now, dealers and analysts are watching U.S. economic data, Federal Reserve guidance, global geopolitical developments, and the dollar’s trajectory for the next directional cues. Following Monday’s rally and Tuesday’s silver decline, the market is currently consolidating after the more pronounced price movements seen throughout much of 2026.

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