KARACHI – Pakistan’s gold market staged slight comeback, with the price of a tola of 24-karat gold climbing Rs400 to Rs457,136.
The latest increase pushed the price of 10 grams of gold up by Rs343 to Rs391,920, according to the latest market rates. The recovery came as international gold prices also edged higher, with bullion gaining $4 to reach $4,346 per ounce.
Gold and Silver Rates
| Category | Latest Rate |
| Gold per tola | Rs457,136 |
| Gold 10 grams | Rs391,920 |
| Silver 10-Tola Piece — Lahore | Rs6,950 |
| International Gold | $4,346/ounce |
Saturday’s Rs400 gain therefore represents only a modest recovery from the previous day’s sell-off, highlighting just how violently prices have been swinging in Pakistan’s bullion market.
The latest movement comes against a backdrop of heightened volatility in international markets. Global spot gold also rebounded on Friday after recent losses, although it remained down roughly 1.5% for the week amid changing expectations over US interest rates.
Silver, meanwhile, was also showing movement in the local market, with the 999.0 Tezabi silver rate in Lahore at Rs6,800, while a 1kg silver bar was quoted at Rs6,900 and a 10-tola silver piece at Rs6,950.
Gold Price Trend in Pakistan
Gold started 2026 at approximately Rs454,000–460,000 per tola, before exploding higher during the opening months of the year. By late January, prices had surged to nearly Rs506,000 per tola, marking a record level amid a powerful international gold rally. Global bullion prices at the time climbed above $4,800 per ounce, while domestic market conditions and currency movements amplified the impact in Pakistan.
The spectacular rally was followed by months of sharp swings. Gold remained at elevated levels through the spring before losing significant ground and reaching a yearly low in July, when the corresponding value was roughly Rs1.1 million per ounce.
The market attempted another comeback in August. Gold prices climbed back toward Rs484,000 per tola, raising hopes that the metal could regain its earlier highs. That recovery, however, has since lost momentum.
September has brought renewed pressure, with local gold prices recently fluctuating around Rs445,000–457,000 per tola, depending on the market and the applicable benchmark. Recent closing levels have been around Rs449,800–456,000. This means the bullion market remains within striking distance of some of its highest levels of the year, even after the recent correction.
The biggest question now is whether the latest rebound marks the beginning of another recovery or merely a temporary pause in the decline. International gold has recently been trading around $4,340–4,400 per ounce, while movements in the Pakistani rupee continue to have a direct bearing on domestic bullion prices.
Global monetary policy is another major pressure point. Recent US inflation data strengthened expectations of a Federal Reserve rate increase, with markets pricing an elevated probability of a hike. Higher interest rates can weigh on gold because bullion does not generate interest income.
Despite spectacular rally witnessed earlier this year, Pakistan’s gold market is now only modestly lower overall compared with the beginning of 2026. On a year-to-date basis, prices are estimated to be down around 1% to 1.5% in PKR terms, based on average prices of approximately Rs1.27 million per ounce.
In other words, the massive January surge has largely been erased by the subsequent correction. Yet the market is still trading at historically elevated levels, and the latest figures suggest that volatility is far from over.
Gold is being pulled in opposite directions: safe-haven demand and global uncertainty are supporting prices, while expectations of tighter US monetary policy are creating pressure. Meanwhile, fluctuations in the Pakistani rupee can quickly translate into sizeable changes in local bullion rates.
Gold price in Pakistan drops Rs5,600 per tola amid global sell-off
