ISLAMABAD — November 5, 2025: Gold prices in Pakistan saw a modest decline on Wednesday, even as international markets recorded a notable rebound. According to the latest figures released by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of 24-karat gold dropped by Rs1,000 per tola, settling at Rs419,362. This marks a slight correction from the previous day’s rate of Rs420,362.
The downward adjustment was also reflected in the 10-gram rate for 24-karat gold, which fell by Rs857 to Rs359,535. Meanwhile, 22-karat gold was quoted at Rs329,585 per 10 grams, indicating a similar trend in the domestic bullion market.
Despite the dip in gold, silver prices remained unchanged across the board. The rate for 24-karat silver held firm at Rs5,022 per tola and Rs4,305 per 10 grams, suggesting stability in the secondary precious metals segment.
Domestic Market Reacts to Global Trends with Delay
Interestingly, the local decline comes at a time when global gold prices are showing signs of recovery. Spot gold was trading near $3,984 an ounce in international markets, up $49.70 or 1.26% from the previous session. Analysts attribute the rebound to bargain buying after bullion touched a near one-week low. Investors are also closely watching U.S. private payroll data for signals on potential interest rate cuts, which could further influence gold’s trajectory.
The divergence between domestic and global pricing is not uncommon, especially given the lag in market reactions and the influence of currency fluctuations, import duties, and local demand dynamics. Jewelers and traders in Pakistan often adjust rates based on a combination of international benchmarks and domestic economic indicators.
Monthly and Yearly Trends Show Strong Gains
While the day-on-day movement shows a decline in gold prices, broader trends remain bullish. Over the past month, gold prices have risen by Rs4,084 per tola. Since the beginning of the fiscal year, the increase stands at Rs69,162, and the calendar year-to-date rise is even more pronounced at Rs146,762. These figures underscore gold’s enduring appeal as a hedge against inflation and economic uncertainty.
Silver, though less volatile, has also posted gains over longer timeframes. The metal has risen Rs73 in the past month, Rs1,240 since the start of the fiscal year, and Rs1,672 over the calendar year. Its steady performance continues to attract small-scale investors and artisans who rely on it for jewelry and industrial use.
Investor Sentiment and Economic Outlook
Market watchers suggest that the current dip in gold prices may be temporary, especially if global cues continue to favor precious metals. With inflationary pressures persisting and central banks signaling caution, gold remains a preferred safe-haven asset. In Pakistan, economic uncertainty, currency fluctuations, and geopolitical developments also contribute to gold’s appeal among investors and households.
As the wedding season approaches, demand for gold jewelry is expected to rise, potentially reversing the current dip. Traders anticipate a pickup in retail activity, which could stabilize or even push prices upward in the coming weeks.
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Additional input from Mettis Global
