The gold price in Pakistan fell by Rs5,100 a tola on Friday to Rs420,536, according to rates from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The local drop followed a slide in world prices, which took international gold below $4,000 an ounce. For jewellers, savers and families buying gold, the question now is whether the global slide continues.
The short version
- 24-karat gold fell Rs5,100 a tola to Rs420,536 on Friday, 30 October, after holding at Rs425,636 on Thursday.
- Ten grams of 24-karat gold fell Rs4,373 to Rs360,541; 22-karat fell Rs4,009 to Rs330,507.
- The association put international gold at $3,980 an ounce, down $51. Silver fell harder, by about 4% in Pakistan.
- The rupee barely moved, so the fall came from abroad, not from the exchange rate.
What happened
Gold prices in Pakistan “decreased on Friday in line with their loss in the international market,” Business Recorder reported, citing APGJSA rates. The tola price had been unchanged at Rs425,636 on Thursday. Silver fell Rs238 to Rs5,530 a tola, and 10 grams of silver fell Rs204 to Rs4,741, according to the association as reported by The Nation.
Abroad, the picture was weaker still. The Express Tribune, as summarised by Investify, reported that spot gold fell 3.1% to $3,897.09 an ounce, below $4,000 for the first time since October 2025, while silver dropped 6% to $49 an ounce. It linked the retreat to weaker technology shares and investor concerns over whether spending on artificial intelligence will deliver adequate near-term returns. The association’s own international reference was $3,980, down $51; the reports do not explain the gap between the two figures. The rupee edged up Re0.01 to close at 276.75 per dollar.
Silver fell more than three times as hard as gold on Friday
One-day fall, % of Thursday’s price, 30 October 2026
Why it matters
The gold price in Pakistan is set almost entirely by two things: the world price in dollars and the rupee. With the rupee flat at about 276.75, Friday’s move was close to a straight pass-through of the global fall, which is why the local tola price dropped 1.2% against a 1.3% fall in the association’s international reference. That matters for the many households that hold savings in gold rather than in bank deposits, and for jewellers who price stock and buy-backs off the daily Sarafa rate. As Knock-On noted when dearer oil pushed interest-rate bets up and the gold price down on 22 October, global rate expectations remain the main driver.
The knock-on effects
First order: cheaper gold for buyers, smaller paper gains for holders
A buyer of one tola pays Rs5,100 less than on Thursday. Anyone who holds gold has seen the value of each tola fall by the same amount in a day.
Second order: jewellers’ stock values and margins
Jewellers carry inventory bought at higher rates. A sharp fall can lift walk-in demand, but it can also squeeze margins on stock bought earlier in the week, especially for silver, which fell more than 4%.
Third order: where savings go next
If global investors keep moving away from gold, Pakistani savers may weigh it against other options such as bank deposits and government paper, where yields remain high. That choice also depends on the US Federal Reserve’s next rate decision, which moves the dollar and the gold price together.
Who could benefit
- Buyers of jewellery and wedding gold: a lower tola price reduces the cost of planned purchases.
- Jewellers with low stock: they can restock at lower rates if the fall holds.
- Silver buyers: silver fell about 4% in Pakistan in one day.
Who may face pressure
- Households saving in gold: the value of their holdings fell by about 1.2% in a day.
- Jewellers holding stock bought at higher prices: margins narrow if prices stay lower.
- Borrowers using gold as collateral: a lower gold price reduces the value of the security behind gold-backed loans.
What to watch
- Monday, 2 November: the next APGJSA rates, and whether world gold stays below $4,000.
- Global technology shares: the Express Tribune linked the metals sell-off to doubts over AI spending.
- The rupee: stable at 276.75 for now; any weakening would cushion local prices.
- The Fed’s December meeting: rate expectations remain a key driver for gold.
Sources
- Business Recorder, Gold price per tola falls Rs5,100 in Pakistan, 30 October 2026
- The Nation, Gold prices decline by Rs5,100 per tola to Rs420,536, 31 October 2026
- Investify (summarising The Express Tribune), Gold hits one-year low globally, 31 October 2026
This is analysis, not investment advice. Figures are as of 30 October 2026.
Leave a Reply