Gold gets the headlines and most of the conversation in Pakistan’s bullion markets. Silver sits in a quieter corner. Yet for many families, silver is the metal they actually buy — for jewellery, small savings, and gifts. This week, it deserves a closer look.
On Thursday, 22 October, the price of 24-karat gold in Pakistan was Rs 431,536 per tola, down Rs 3,000 for the day, according to the All Pakistan Gems and Jewellers Sarafa Association. Silver was priced at Rs 6,086 per tola, down Rs 121. A tola is a traditional unit of weight used in South Asia, equal to about 11.66 grams.
Two Metals, Two Different Characters
Gold and silver are both precious metals, and their prices often move in the same general direction. When the international gold price changes, silver usually follows. On Thursday, international gold stood at $4,090 per ounce, and both metals eased in the local market on the same day.
But silver has a second life that gold does not. Roughly speaking, gold demand comes mainly from jewellery, central banks, and investors seeking safety. Silver is wanted by those buyers too, but it is also an industrial metal. It is used in electronics, solar panels, medical equipment, and many everyday products because it conducts electricity extremely well.
That industrial demand makes silver behave differently. When factories and the solar industry are busy, silver can rise faster than gold. When the world economy slows, silver can fall faster, because part of its demand weakens at the same time as investor interest.
The Gold-Silver Relationship
Market watchers often compare the two prices through a simple idea: how many ounces of silver are needed to equal one ounce of gold in value? When that gap is very wide, some investors argue silver is relatively cheap compared with gold. When the gap narrows sharply, silver has been catching up.
There is no single correct gap, and this comparison is a guide, not a rule. Still, it explains why silver sometimes moves in bigger steps. It is a smaller market than gold, so the same buying or selling money pushes its price further. Smaller market, bigger swings — the simple heart of silver’s behaviour.
A Clear Warning on Volatility
Volatility means how sharply a price moves up and down. Silver is clearly more volatile than gold. A fall of Rs 121 in a day, as seen on Thursday, is small in rupee terms, but in percentage terms silver’s daily moves are regularly larger than gold’s, in both directions.
For a family buying silver jewellery to wear and enjoy, these daily moves matter little. For someone treating silver as a short-term way to make quick money, they matter a great deal. Prices that rise quickly can also fall quickly, and the spread — the difference between a shop’s buying and selling price — can be wider for silver than many buyers expect.
Silver’s quiet corner has real attractions: a far lower entry price than gold’s Rs 431,536 per tola, genuine industrial demand, and a long history as household savings. It also demands more patience. Understanding that difference is worth more than any single day’s price.
Market data: Pakistan Stock Exchange, State Bank of Pakistan and published news reports (figures as of 22 October 2026). Written in our own words for information only — not investment advice.