Gold and Silver Prices Hit One-Year Lows Globally
Global gold and silver prices plummeted due to Federal Reserve interest rate expectations, triggering sharp price drops across Asian markets including Pakistan, India, and Bangladesh.
Global precious metal prices experienced a sharp decline on October 31, 2026, with gold hitting a one-year low. Spot gold fell 3.5 percent to $3,880.97 per ounce, while silver dropped 6.5 percent to $49 per ounce, falling below the $50 mark for the first time in 11 months. The slump followed a sell-off in global technology stocks and weaker demand in Asia, driven largely by expectations that the United States Federal Reserve will maintain higher interest rates for longer.
Asian markets reacted immediately to the international correction. In India, gold and silver futures fell up to 2 percent on the Multi Commodity Exchange. The Bangladesh Jewellers Association reduced the price of 22-carat gold by Tk 5,481 per bhori.
Pakistan saw a significant two-day reduction in prices. Gold fell by Rs 5,100 on Friday and another Rs 10,800 on Saturday, bringing 24-karat gold down to Rs 409,736 per tola. Silver also declined by Rs 142 per tola to Rs 5,388. The All Pakistan Sarafa Gems and Jewelers Association noted that these domestic rates are calculated based on interbank exchange rates. This downturn marks a steep decline from a February peak where gold prices exceeded Rs 540,000 per tola.
