Gold Falls Below $4,000 Worldwide: Gold Price in Pakistan Drops for Fifth Day
International gold fell below $4,000 an ounce on 23 October 2026. In Pakistan, 24-karat gold fell Rs 2,500 to Rs 422,036 per tola on 24 October. Why it is falling and what it means for buyers.
International gold fell below $4,000 an ounce on 23 October 2026 for the first time since July, ending the week with its biggest weekly loss in five months. In Pakistan, the price of 24-karat gold dropped for a fifth day in a row on Saturday, 24 October, falling Rs 2,500 to Rs 422,036 per tola, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The fall is driven by a surge in oil prices that has raised expectations of higher US interest rates.
Gold rates in Pakistan on 24 October 2026
| Item | Rate | Change |
|---|---|---|
| Gold per tola | Rs 422,036 | –Rs 2,500 |
| Gold per 10 grams | Rs 361,827 | –Rs 2,144 |
| Silver per tola | Rs 5,858 | –Rs 7 |
| International gold | $3,995 an ounce | –$25 |
Why gold is falling worldwide
Gold usually rises in times of war and uncertainty, so a fall during a Middle East crisis can look surprising. The reasons this time are interest rates and cash needs:
- Oil-driven inflation fears: Brent crude rose above $116 a barrel this week. Expensive oil pushes up inflation, which makes central banks more likely to keep rates high or raise them.
- Rate-hike bets: traders put the chance of a US rate hike in December at about 78%, and the 10-year US Treasury yield is near 4.96%. Gold pays no interest, so higher yields make it less attractive to hold.
- Selling to raise cash: losses in technology shares forced some investors to sell gold and silver to meet margin calls.
Gold peaked near $5,600 an ounce in late January 2026, so at about $3,996 it is roughly 29% below that high.
How world prices reach your local jeweller
Pakistan’s gold rate is set daily by the sarafa associations based on the international price, the rupee-dollar exchange rate and local demand. That is why the local rate usually moves in the same direction as the world price, often on the same day. On Saturday, for example, a fall of $25 an ounce abroad came with a drop of Rs 2,500 per tola in Pakistan.
What it means for buyers in Pakistan
- Buying for a wedding? Prices are lower than a week ago, but nobody can reliably predict the bottom. Many families buy in parts rather than all at once.
- Check the day’s rate first: ask the jeweller for the APGJSA rate of the day and the making charges separately. Making charges and deductions on resale vary from shop to shop.
- Watch oil and the US Federal Reserve: the Fed meets on 27 and 28 October. Any signal of higher rates, or a further oil spike, could keep pressure on gold.
Related: why oil jumped to $116 and what it means for petrol in Pakistan and this week’s KSE-100 review.
Sources: APGJSA rates via Business Recorder (24 October 2026); international market data and rate expectations from 24/7 Wall St. (24 October 2026). Rates change daily; this is not investment advice. Featured image: AI-generated illustration, for representation only.
