On Thursday, April 2, 2026, the gold market in Pakistan witnessed a significant correction as prices for both gold and silver declined after a period marked by intense volatility. This downward movement offers temporary relief to domestic buyers and investors who have been tracking the record-breaking price surges over the past month.
Data from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) revealed that the price of 24-karat gold dropped by roughly Rs. 2,500 per tola, bringing the new rate to Rs. 501,500 per tola. For smaller quantities, 10 grams of 24-karat gold is now priced at Rs. 429,960. The 22-karat gold, widely used in jewelry making across Pakistan, also experienced a proportional decrease, with the current rate at Rs. 459,705 per tola. Meanwhile, 18-karat gold is trading at Rs. 376,125 per tola.
Silver prices also declined alongside gold. The rate for silver in Pakistan fell to Rs. 7,634 per tola, while 10 grams of silver is now valued at Rs. 6,544. Despite the dip, silver continues to be a favored option among middle-class investors as a more affordable alternative to gold, often referred to as the “poor man’s gold,” providing a hedge against inflation.
Market analysts point to several factors behind this price adjustment. The local market mirrored a downward correction in the international bullion market, where global spot prices eased due to changing geopolitical dynamics and a stronger US dollar. This shift was quickly reflected in the Karachi Sarafa Market. Additionally, the relative stability of the Pakistani Rupee against the US Dollar contributed to containing domestic price increases, as gold is an imported commodity sensitive to currency fluctuations.
This recent decline follows a bullish phase during which gold prices approached historic highs. For retail buyers, particularly those planning weddings or seasonal purchases, the price drop is a positive development. However, financial experts caution that the market remains highly volatile, and despite the correction, current prices are still considerably above those seen at the beginning of the year.
