Gold prices in Pakistan saw a notable decline on Tuesday, November 4, 2025, as international market trends and currency fluctuations continued to weigh on investor sentiment. According to the latest figures released by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of 24-karat gold dropped by Rs3,500 per tola, bringing it down to Rs420,362. The 10-gram rate for the same purity also fell by Rs3,001, settling at Rs360,392.
The downward movement extended to 22-karat gold as well, which was quoted at Rs330,263 per 10 grams, reflecting the broader correction in domestic bullion rates. Meanwhile, silver prices also retreated, with 24-karat silver per tola falling by Rs130 to Rs5,022, and the 10-gram rate slipping Rs112 to Rs4,305.
This marks the second consecutive drop in gold prices this week. On November 2, 24-karat gold was priced at Rs422,562 per tola, already down Rs1,600 from the previous day. The cumulative decline over the past three days now stands at Rs5,700 per tola, signaling a potential buying opportunity for investors who had been sidelined during the recent highs.
Global trends driving local volatility
Internationally, spot gold hovered around $3,986 an ounce, down $11.2 or 0.28% from the previous session. The dip is largely attributed to a strengthening U.S. dollar, which is currently trading near a three-month high, and fading expectations of a Federal Reserve rate cut in December. Analysts suggest that the firm dollar and cautious global outlook are prompting investors to reassess their positions in precious metals.
Silver, too, mirrored gold’s trajectory in global markets, with prices softening amid reduced industrial demand and profit-taking. The international spot rate for silver stood at $48.11 per ounce earlier in the day.
Year-to-date performance and investor outlook
Despite the recent pullback, gold has posted strong gains over the calendar year. As of November 4, the year-to-date (CYTD) increase for 24-karat gold per tola stands at Rs147,762, while the fiscal year-to-date (FYTD) gain is Rs70,162. Over the past month alone, prices have risen Rs10,484, underscoring the metal’s resilience amid geopolitical uncertainty and inflationary pressures.
Silver has also maintained a positive trajectory, with a CYTD gain of Rs1,672 and a monthly increase of Rs126. However, its recent dip suggests a short-term correction, likely influenced by global cues and domestic liquidity shifts.
What should investors consider now?
Market experts advise caution but also see opportunity in the current dip. For long-term investors, the correction could serve as an entry point, especially if global uncertainties persist. However, short-term traders may want to monitor currency movements and central bank signals before making fresh commitments.
Jewelry buyers, on the other hand, may find this an opportune moment to make purchases ahead of the wedding season, as prices remain below recent peaks. Retail demand typically picks up in November and December, which could stabilize or even reverse the current trend.
The latest drop in gold and silver prices reflects a complex interplay of global market forces and domestic dynamics. While the decline may cause concern for some, it also opens the door for strategic buying. As always, investors are urged to stay informed and consider both macroeconomic indicators and local trends before making decisions.
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