Gold prices in Pakistan surged Rs13,900 per tola to Rs426,036 on Wednesday. At the same time, a weaker United States dollar lifted international bullion back above $4,000 an ounce. The All-Pakistan Gems and Jewellers Sarafa Association gave the rates after the Democrats’ capture of Congress in the midterm elections.
Gold matters to millions of Pakistani households as a store of savings and the standard wedding gift. So a single-day jump of this size changes buying decisions at jewellers across the country within hours.
Wednesday’s rates in Pakistan
The gold price in Pakistan rose across the board in the association’s Wednesday rates. Similarly, ten grams of 24-karat gold increased by Rs11,917 to Rs365,257. Ten grams of 22-karat gold rose by Rs10,925 to Rs334,831, according to Samaa TV’s report of the association’s rates.
| Item | New rate | Change |
|---|---|---|
| 24-karat gold, per tola | Rs426,036 | +Rs13,900 |
| 24-karat gold, 10 grams | Rs365,257 | +Rs11,917 |
| 22-karat gold, 10 grams | Rs334,831 | +Rs10,925 |
| Silver, per tola | Rs5,663 | +Rs295 |
| Silver, 10 grams | Rs4,855 | +Rs253 |
Internationally, the association put gold up $139 an ounce to $4,035. In addition, Reuters reported spot gold up 2.9 percent to $4,040.15. United States gold futures for December delivery rose 2.8 percent to $4,049. Business Recorder, carrying the Reuters report, said bullion was on track for its biggest daily gain since August.
What analysts say
Adnan Agar, director at Interactive Commodities, told The Express Tribune about the jump. Gold had witnessed a significant jump, partly after the Democrats’ victory in the United States elections. Agar said uncertainty surrounding the Iran war and the possibility of a ceasefire could also influence the metal’s next move. But he cautioned that the conflict might not end soon.
Hamad Hussain, senior climate and commodities economist at Capital Economics, told Reuters about gold. The Democrat sweep appeared to have boosted gold because investors grew more worried about the fiscal outlook. Hussain also cautioned that further gains faced limits. That was because the Federal Reserve was likely to remain hawkish. Continued weakness in technology stocks could weigh on gold.
Overall, Wednesday’s rally pushed spot gold back above the $4,000 threshold. It had fallen to $3,869.85 on October 30, its lowest level since October 2025, according to The Express Tribune. A day earlier, on Tuesday, the local rate had stayed unchanged at Rs412,136 per tola. The previous SialNews gold report noted that the rate had crossed Rs412,000 per tola on November 3.
Silver also rose with gold in the local market, gaining Rs295 per tola to Rs5,663. Meanwhile, 10 grams of silver increased by Rs253 to Rs4,855, according to the association’s rates. Also, internationally, silver gained $2.95 an ounce to $51.85.
Reuters reported the international rally, and this report confirms Wednesday’s association rates. Whether the rally will hold is not yet clear. For now, traders await the United States nonfarm payrolls report due on Friday, November 6. It may give fresh signals on the Federal Reserve’s rate outlook.
