Gold slumps Rs7,000 per tola in Pakistan

Gold prices in Pakistan registered a sharp decline on Friday, October 23, 2026, with the benchmark 24-karat rate dropping by Rs7,000 per tola. The latest move left the domestic price at Rs424,536 per tola, reflecting a pronounced adjustment in the local bullion market.

On a gram basis, 24-karat gold saw a corresponding decrease, with the 10-gram price falling by Rs6,001 to Rs363,971. The downward shift indicates broad-based weakness across commonly traded weight categories in the retail market.

In addition to 24-karat gold, lower purity segments also recorded declines. The price of 10 grams of 22-karat gold fell by Rs5,501, taking the new rate to Rs333,652. These reductions highlight that the latest correction affected both higher and slightly lower purity jewellery-grade gold used by consumers.

For 24-karat gold, the per-tola rate was Rs424,536, while 10 grams stood at Rs363,971. The synchronized declines underline that the adjustment was market-wide rather than confined to a specific segment or location.

The slide in domestic gold prices coincided with weakness in the global bullion market. International gold prices declined by $70 per ounce to reach $4,020, mirroring risk sentiment and contributing to the adjustment in local valuations. The domestic market followed this move lower, aligning local prices with prevailing global benchmarks.

Domestic rates also fell alongside the international rate. With both domestic and global benchmarks pointing lower, the price reset in Pakistan formed part of a broader downtrend in gold observed over recent sessions.

Precious metals weakness was not limited to gold, as silver prices (XAGUSD:N) in Pakistan also decreased. The per-tola rate of silver fell by Rs221, bringing the new domestic price to Rs5,865. This concurrent decline suggests a wider softening across the precious metals complex on the day.

Both gold and silver prices declined on October 23, indicating that investors and jewellery buyers faced lower quoted rates across key precious metals. The combination of falling local and international benchmarks positioned the session as one of notable price relief for buyers compared with recent levels.

The latest move formed part of a broader sequence of declines in Pakistan's bullion market. Gold prices had already been under pressure in preceding sessions, and the Rs7,000 per tola fall on October 23 extended this trend. The cumulative effect has been a sizeable reduction in quoted gold rates within a short period.

With 24-karat gold now at Rs424,536 per tola and 10 grams at Rs363,971, the market is trading at levels that reflect the recent international pullback. The simultaneous declines in gold and silver underscore a period of adjustment for precious metals pricing in Pakistan, closely linked to movements in the global market.