KARACHI: Gold was unchanged in Pakistan and silver was down in Pakistan on Tuesday, according to rates shared by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The price of 24 karat per tola remained same at Rs 412,136 and Rs 353,340 for 10 grams.
The rate of 22 karat per 10 grams was also same at Rs 323,906 while silver rate was down by Rs 120 per tola and Rs 4,602 per 10 grams.
This is the national benchmark, as per the interbank rate of exchange and 999 purity for gold. In Karachi, local Sarafa boards in various cities do buy a little higher during the session, which can be seen reporting levels of around Rs 413,800 per tola on the Karachi board later in the day, in recognition of dealer spreads and in-the-moment adjustments.
Internationally gold was at roughly $3,896/oz in the association’s two reference points, with live spot prices trading in a broader range near the $3,900 to $3,940 mark. Silver was lower, with the association posting $48.90/oz, down around $1.20 in some reports but live international quotes trading near $49 to $50. Locally, rates track the international spot largely translated through the USD/PKR – swings in the dollar, global risk appetite, and industrial demand for silver all have a direct impact on Sarafa.
Tuesday, the well-behaved trend was in marked contrast to gold’s Rs 2,400 gain of the previous day, which raised the yellow metal back to its current level of Rs 412,136. However, the longer-term trend is more of a free-fall away from 2026 peaks, with the yellow metal trading well above Rs 500,000 per tola earlier in the year. Highs have been reported near Rs 541,000 in March, with prices falling away through the autumn to the Rs 400,000s-Rs 430,000s of the October.
Silver has been more volatile. After its rise a day earlier, it has retreated on Tuesday, tracking softer global rates and sensitivity to industrial demand from the solar, electronics and other industries and the gold-silver ratio interplay. Participants said since Pakistani bullion is still firmly coupled with global rates and movement of the rupee with regard to the dollar, surges in the local rupee rates are observed in the case of a weaker or softer dollar in global markets, independent of dollar rate movements. Jewellery, wedding-season, investment and other demand impacts on intra-day quotation fluctuations although these have been much diminished due to very high absolute levels in the national markets.
For now, dealers and analysts are looking to US data, Federal Reserve guidance, global geopolitics and the dollar’s trend for the next indications. For the immediate future, in the form of the current prices following Monday’s rally and silver’s decline, the market remains in consolidation after the more pronounced price movements through much of 2026.
