KARACHI: The Pakistani bullion market experienced an unprecedented “bloodbath” over the weekend as gold and silver prices plummeted, marking one of the sharpest corrections in the country’s history. Following a historic surge earlier in the week, the market has entered a period of extreme volatility, driven by shifting global economic indicators.
The Saturday Market Collapse
Building on the massive losses from Friday, gold and silver prices continued their downward spiral on Saturday, January 31, 2026. In the international bullion market, gold prices crashed by $255 per ounce, settling at $4,895.
This global retreat triggered a localized sell-off in Pakistan’s major cities. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the new rates are:
- 24K Gold per Tola: Dropped by Rs 25,500, settling at Rs 511,862.
- 24K Gold per 10 Grams: Fell by Rs 21,862, settling at Rs 438,839.
- Silver per Tola: Declined by Rs 2,063 to settle at Rs 9,006.
- Silver per 10 Grams: Fell by Rs 1,768 to reach Rs 7,721.
A Reversal of Fortunes: The 48-Hour Bloodbath
The current downturn marks a dramatic U-turn from Thursday, January 29, when gold surged to a record high of Rs 572,862 per tola after a single-day gain of Rs 21,200. Within just two days, the price has crashed by a total of Rs 61,000 per tola.
On Friday alone, Pakistan suffered a historic blow as gold prices dropped by over Rs 35,000, mirroring a steep correction in international markets where gold, silver, and copper tumbled after reaching unsustainable peaks.
Analysis: What Triggered the Crash?
Market analysts attribute this “perfect storm” to several converging factors:
- Panic Profit-Taking: As gold touched record highs, institutional investors rushed to liquidate their holdings to lock in massive gains, creating a “snowball effect” of selling.
- Strengthening US Dollar: A surge in the value of the US Dollar has made gold—priced globally in USD—more expensive for international buyers, suppressing demand.
- Monetary Policy Shifts: Expectations for aggressive US interest rate cuts have faded. Higher interest rates typically lure investors toward bonds and away from non-yielding assets like gold.
Frequently Asked Questions (FAQs)
Q1: What is the current price of gold in Pakistan after the crash?
As of Saturday, the price of 24K gold is Rs 511,862 per tola and Rs 438,839 per 10 grams.
Q2: How much has the price fallen in total since Thursday?
Gold has become cheaper by approximately Rs 61,000 per tola in just 48 hours (a drop of Rs 35,500 on Friday and Rs 25,500 on Saturday).
Q3: Why is silver falling alongside gold?
Silver often follows gold’s trajectory as a precious metal. Additionally, silver and copper are under pressure due to broader industrial sell-offs and the strengthening of the US Dollar. Silver has dropped by over Rs 3,000 per tola in the last two days.
Q4: Is it a good time to buy gold for a wedding or investment?
The current correction offers a significant discount compared to last week’s peak. However, the market remains highly volatile. Many experts suggest buying in small installments (averaging) rather than investing a large sum at once while the market looks for a stable “floor.”
Q5: Who sets the gold rates in Pakistan?
The rates are officially released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), based on international bullion market movements and the local USD-to-PKR exchange rate.
Summary Table: The 48-Hour Price Shift
| Asset (24K) | Thursday Peak | Friday Close | Saturday Close | Total Change |
| Gold (Per Tola) | Rs 572,862 | Rs 537,362 | Rs 511,862 | -Rs 61,000 |
| Silver (Per Tola) | Rs 12,175 | Rs 11,069 | Rs 9,006 | -Rs 3,169 |
| Intl. Gold ($/oz) | $5,500+ | $5,150 | $4,895 | -$600+ |
