Gold and Silver Market Update
Gold and silver markets continue to experience significant price movements in September 2026. International gold was recently reported around $4,377 per ounce, while domestic gold in Pakistan stood at approximately Rs460,236 per tola on September 20, according to reports citing the All-Pakistan Gems and Jewellers Sarafa Association. Silver was reported at about Rs7,100 per tola in Pakistan.
The latest movements come after a volatile period for precious metals. Gold has reacted strongly to changing expectations around U.S. interest rates, the dollar and Treasury yields. Reuters reported on September 17 that gold rose more than 1% as the dollar weakened and investors reassessed positions following the Federal Reserve's latest rate decision.
Silver has also shown considerable volatility. On September 18, spot silver was reported near $66.35 per ounce, up about 1.92% during that session, while gold was around $4,371.33. Lower crude-oil prices, easing Treasury yields and a softer U.S. dollar provided support to both metals.
Gold Price in Pakistan
On September 20, the reported Pakistani market rate for 24-karat gold was:
- Gold per tola: Rs460,236
- Gold per 10 grams: Rs394,578
- International gold: approximately $4,377 per ounce
The reported gold price was slightly lower than the previous level, with the per-tola price down Rs100.
Silver Price in Pakistan
Silver was reported at approximately:
- Silver per tola: Rs7,100
- Silver per 10 grams: Rs6,087
The domestic silver price decreased by Rs69 per tola in the latest reported update.
What Is Moving Gold and Silver?
Several factors are currently important for precious-metal prices:
U.S. interest rates: Changes in Federal Reserve policy can affect investor demand for gold and silver because higher interest rates can increase the attractiveness of interest-bearing assets.
U.S. dollar: Precious metals are generally priced in dollars internationally. A weaker dollar can make them relatively cheaper for buyers using other currencies and can support prices. Reuters recently highlighted the impact of dollar movements on gold.
Bond yields: Changes in Treasury yields have also contributed to recent volatility in precious metals. Recent reports linked easing yields with renewed support for gold and silver.
Geopolitical and economic uncertainty: Investors often monitor global economic and geopolitical developments when assessing demand for precious metals, although their impact can vary depending on interest rates, currencies and other market conditions.
Outlook
Gold and silver are likely to remain sensitive to upcoming economic data, Federal Reserve policy expectations, movements in the U.S. dollar and bond yields. Recent market action shows that both metals can move sharply when expectations around monetary policy change.
For Pakistani buyers, international precious-metal prices and movements in the Pakistani rupee can both influence local bullion rates. Local jeweller premiums, taxes and other charges may also cause retail prices to differ from benchmark bullion rates.
Note: Precious-metal prices can change throughout the trading day. The rates above are the latest reported figures available for September 20, 2026 and should not be treated as a guaranteed buying or selling price.