Gold One-Year Low as Prices Fall Below $4,000
Gold one-year low levels arrived on Friday, October 30, as the metal slipped below $4,000 an ounce for the first time in a year. In Pakistan, the price of gold per tola fell by Rs5,100 to Rs420,536, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association.
The price of 10-gram gold dropped by Rs4,373 to Rs360,541. A day earlier, the per-tola rate had stayed unchanged at Rs425,636, so Friday’s fall ended a brief pause and put local prices back on a downward path.
The decline tracked the international market. Spot gold fell 3.1 per cent to $3,897.09 an ounce by 11:47 am Eastern Time, its lowest level since October 2025. Silver dropped 6 per cent to $49 an ounce, breaking below $50 for the first time in 11 months. Palladium also weakened, sliding below $1,000 an ounce, while platinum moved down with the other white metals.
Gold one-year low driven by tech sell-off
Market participants linked the sell-off to a sharp drop in technology shares. Investors grew concerned that heavy spending on artificial intelligence may not generate enough returns in the near term. That worry set off a broader move away from risk, and precious metals fell with it.
Silver, platinum and palladium had entered technically oversold territory based on their relative strength readings, traders noted. In plain terms, the metals had fallen fast enough that short-term measures flagged them as stretched, though that alone does not set a floor for prices.
The local silver market followed the same direction. The price of silver per tola declined by Rs238 to Rs5,530. The joint weakness in gold and silver showed how closely domestic quotes follow international benchmarks, adjusted for the rupee-dollar rate and local premiums.
What it means for buyers in Pakistan
For households, the move cuts both ways. A lower tola rate makes gold cheaper for weddings and savings purchases, but it also trims the value of gold already held. Jewellers and traders typically adjust rates in line with global moves, so local prices should keep tracking the international market unless the rupee moves sharply or local premiums change.
The rupee itself barely moved on Friday. It closed at 276.75 against the US dollar, a marginal gain of Re0.01 from 276.76 on Thursday. That steadiness meant the rupee did little to soften or deepen the fall in local gold prices.
The week had already been choppy for local buyers. Feature Pakistan reported gold falling to Rs422,036 a tola on its fifth straight day of declines, then rising Rs3,500 a tola to Rs425,636. Friday’s drop to Rs420,536 now sits below both marks, and it leaves the tola more than Rs5,000 under Thursday’s level in a single session.
The wider market mood added to the caution. The KSE-100 fell 784 points in late Friday trading, while diesel became dearer as petrol stayed unchanged and diesel rose Rs2.29. Gold’s fall therefore landed in a session where investors were already pulling back.
The $4,000 mark had served as a psychological support in recent sessions. Its loss does not, by itself, set the next direction. If technology shares steady and risk appetite returns, metals could recover part of the fall. If the sell-off deepens, the next test will be whether buyers step in at lower levels or wait for a clearer bottom.
Frequently asked questions
What is the gold price in Pakistan now?
The per-tola rate fell by Rs5,100 to Rs420,536 on Friday, October 30, while 10-gram gold dropped by Rs4,373 to Rs360,541, according to the All-Pakistan Gems and Jewellers Sarafa Association.
Why did gold fall below $4,000?
Spot gold fell 3.1 per cent to $3,897.09 an ounce as a sell-off in technology shares pushed investors away from risk. Concern over returns on heavy artificial intelligence spending drove the broader move.
How did silver perform?
Silver dropped 6 per cent to $49 an ounce, breaking below $50 for the first time in 11 months. Locally, silver per tola fell by Rs238 to Rs5,530.
Did the rupee affect local gold prices?
Barely. The rupee closed at 276.75 against the dollar, up just Re0.01 from 276.76, so the local fall closely mirrored the international decline.
*Source: The Express Tribune.*
