Reporting snapshot · 31 January 2026. This report reflects the gold and silver rates published on Saturday, 31 January 2026 and the international price cited in that report.
What happened
Gold prices in Pakistan fell sharply on Saturday, 31 January 2026, dropping Rs25,500 per tola to settle at Rs511,862, according to the Sarafa Association as reported by The Nation. The single-day fall followed a Rs35,500 drop on Friday, bringing the two-day loss to Rs61,000 and underlining a stretch of intense volatility in the local bullion market.
The decline tracked the international market, where gold shed $255 an ounce to trade at $4,895. Silver moved in the same direction: the white metal fell Rs2,063 per tola and was being sold at Rs9,006.
Why it matters
The slide is a sharp reversal after the run-up earlier in January, when local gold crossed the Rs500,000-per-tola mark for the first time. KhabarWire reported on 21 January 2026 that the 24-carat rate had reached a record Rs506,362 per tola as international bullion hit $4,840 an ounce. Even after the two-day fall, the rate reported on 31 January remained above that milestone, indicating how far prices had climbed before the correction.
Gold is widely held in Pakistan as a store of value and a hedge against inflation and rupee weakness, so a drop of this size is watched closely by households and jewellers as well as by the bullion trade. The move lower also extended to silver, which had set its own record during the January rally.
What is still uncertain
The Sarafa Association report gave the day’s rates but not the reasons behind the fall, the year-on-year change in local prices, or any outlook. It did not publish 22-carat or per-10-gram figures, and it did not say how far rates had fallen from their peak during the preceding rally or whether the slide would continue.
Sources & reporting notes
This article summarises published reporting and is not eyewitness reconstruction. Sources were reviewed on 31 January 2026.
- The Nation — Gold suffers steep two-day slump as prices crash over Rs. 61,000 per tola31 January 2026 · The Rs25,500 single-day fall to Rs511,862 per tola, the Rs35,500 drop on Friday totalling Rs61,000 over two days, the $4,895 international price, and the silver rate of Rs9,006 per tola.
- KhabarWire — Gold crosses Rs500,000 a tola in Pakistan for first time21 January 2026 · Context on the record Rs506,362 per tola and the $4,840 international price reached earlier in January.
