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Surge in Silver Demand as Gold Prices Soar

2/5/2026

33 7 Full Breakdown

Summary

Story summary

Lahore jeweller Waqas Siddiqi notes a spike in silver inquiries amid fluctuating global bullion prices.
The price of 10 grams of gold in Pakistan rose to 440,000 rupees ($1,572).
Silver reached 7,800 rupees ($28).
Analysts attribute the volatility to geopolitical tensions between the United States and Iran and to increased gold buying in China.
Razzak Ahmed, another jeweller, says high gold prices are driving consumers toward silver.

History

Historical Context

The Gold Standard Act of 1900 established gold as the exclusive standard for U.S. currency, repealing the bimetallic system that included silver. This shift solidified the dollar's value at $20.67 per troy ounce, influencing global markets. The act's legacy persists today, as fluctuations in gold prices reflect geopolitical tensions, notably between the U.S. and Iran, impacting commodity trading and consumer behavior.

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Story summary

Lahore jeweller Waqas Siddiqi notes a spike in silver inquiries amid fluctuating global bullion prices.
The price of 10 grams of gold in Pakistan rose to 440,000 rupees ($1,572).
Silver reached 7,800 rupees ($28).
Analysts attribute the volatility to geopolitical tensions between the United States and Iran and to increased gold buying in China.
Razzak Ahmed, another jeweller, says high gold prices are driving consumers toward silver.

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