Gold Prices Surge in India and Pakistan as Spot Gold Exceeds $4,000

Gold and silver prices surged across South Asia on November 4, 2026, following a substantial rally in the international market where spot gold rose 3 percent to exceed $4,000 per ounce. In Pakistan, the All Pakistan Sarafa Gems and Jewelers Association reported that 24-carat gold increased by Rs13,900 per tola to reach approximately Rs426,036, while silver rose to Rs5,663 per tola.

Similar gains occurred across major Indian cities. In New Delhi, gold of 99.9 percent purity surged by Rs4,800 to reach Rs1.46 lakh per 10 grams, and silver jumped Rs9,000 to Rs1.93 lakh per kilogram. Retail prices in Chennai also climbed by Rs200 per sovereign. Analysts from HDFC Securities and Mirae Asset Sharekhan attributed the Indian rally to a combination of domestic demand ahead of Dhanteras and Deepavali and a weakening US dollar following Democratic victories in the US midterm elections.

Market participants in Pakistan linked the domestic surge to the coupling of local bullion with global rates and the exchange value of the rupee against the US dollar. While prices in Pakistan remain below their March 2026 peaks of Rs541,000, analysts from LKP Securities noted that the sustainability of the current global rally depends on US bond yields and Federal Reserve policy.