Pakistan Gold and Silver Prices Fall on Saturday

According to the All-Pakistan Gems and Jewellers Sarafa Association, gold dropped by Rs4,300 per tola to Rs436,336, while 10-gram gold fell by Rs3,687 to Rs374,087. Silver declined by Rs56 per tola to Rs6,522. In the international bullion market, gold slipped $43 an ounce to $4,138.

The move comes after a volatile week in which local prices oscillated sharply, reflecting the pull of offshore bullion and domestic seasonal demand. Gold had risen the previous day, but also posted a string of declines earlier in the week, underscoring how quickly sentiment can shift in a market driven by both currency moves and global price action.

For investors, the key question is whether this is a routine consolidation or the start of a broader correction. Gold exchange-traded funds such as GLD remained below their 50-day and 200-day moving averages in the latest data, while the RSI reading was below 40, a conventional technical signal that points to weakening momentum. Silver proxy SLV was similarly soft, with prices still under both moving averages and momentum indicators pointing to a cautious tone.

That weakness also aligns with the broader macro backdrop. The U.S. 10-year Treasury yield was forecast around 5.297%, keeping real-return alternatives relatively attractive and limiting the urgency to chase non-yielding assets such as bullion. At the same time, Adalytica’s Gold Fear & Greed Index showed fear at 17, while its U.S. dollar trade signals sat in extreme fear, a combination that suggests markets remain unsettled even as near-term gold demand cools.

In Pakistan, the near-term narrative is less about macro hedging than about seasonality. The current lull in buying is being linked to Pitru Paksha, a period when households often delay purchases, but traders are looking to Navratri and Dussehra for a revival in physical demand. That matters because local jewelry demand can support prices even when international bullion is soft, especially if rupee pricing amplifies offshore moves.

The bull case is that festival demand and persistent investor interest in hard assets could quickly steady prices. The bear case is that higher U.S. yields and continued profit-taking keep pressure on bullion, leaving local buyers to wait for a better entry point. For now, the market is caught between seasonal support and global headwinds, and the next leg will likely depend on whether festive demand arrives fast enough to offset the latest downturn.