Silver prices in Pakistan continued their sharp upward momentum on Tuesday, January 20, 2026, tracking record-high international rates and sustained demand in local Sarafa markets. According to market data, silver traded at Rs. 9,799.13 per tola, while gold prices also remained elevated, reflecting ongoing volatility in global precious metals amid economic uncertainty.
On January 20, 2026, 24-karat silver was priced at Rs. 9,799.13 per tola, Rs. 8,401.32 per 10 grams, and Rs. 840.13 per gram across major Pakistani cities. Traders noted that silver has outperformed gold in recent weeks, driven by both investment inflows and strong industrial consumption.
Internationally, silver touched $93.588 per ounce, a level that has directly influenced domestic prices due to Pakistan’s reliance on imported bullion and exchange-rate-linked pricing.
Market analysts attribute the sharp rise in silver prices to multiple global factors. Industrial demand has surged due to silver’s extensive use in solar panels, electric vehicles, and advanced electronics, while investors are increasingly treating silver as a hedge against inflation and currency depreciation. The continued weakness of the US dollar and expectations of softer global monetary policy have further boosted precious metals.
A Karachi-based bullion trader said, “Silver is no longer just a safe-haven metal; its industrial importance has made it even more sensitive to global supply-demand imbalances, which is why prices are moving so aggressively.”
Alongside silver, 24K gold in Pakistan stood at Rs. 490,582 per tola, while 10 grams were priced at Rs. 420,602.4. In the international market, gold was trading at $4,683.72 per ounce, supported by geopolitical risks and cautious investor sentiment.
Precious metals have been on a historic rally since late 2025 as global investors shifted away from equities and bonds amid slowing growth signals. In Pakistan, rupee volatility and inflation concerns have further encouraged households and investors to park savings in gold and silver. Analysts expect silver to remain volatile in the short term but say prices could stay elevated if industrial demand and global uncertainty persist.