Gold fell for a third straight session in Pakistan on Friday, October 23, 2026, with 24-karat gold dropping Rs 7,000 to Rs 424,536 per tola, according to rates attributed to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 10 grams of 24-karat gold fell Rs 6,001 to Rs 363,971. Both figures appear in Business Recorder's report, updated at 4:11 PM PKT, and in Mettis Global's report, published at 4:50 PM PKT.
Business Recorder described the local decline as in line with a loss in the international market, putting its international reference rate at $4,020 per ounce, down $70. Mettis Global, later in the afternoon, reported spot gold near $4,025 per ounce, up $2.5, or 0.06%, on its session. The two outlets use different quotations and timings, so the international picture on Friday was not uniform.
The rupee also edged up, closing at Rs 276.82 against the US dollar in the interbank market, from Rs 276.85 a day earlier.
What is the gold price in Pakistan on October 23, 2026?
The benchmark price of 24-karat gold was Rs 424,536 per tola, down from Rs 431,536 on Thursday. That is a fall of about 1.62%.
For 10 grams, the rate was Rs 363,971, compared with Rs 369,972 the previous day.
Mettis Global also reported 22-karat gold at Rs 333,652 per 10 grams, lower on the day. That is a different purity and should not be compared directly with the 24-karat figures above.
These are market quotations as reported on Friday afternoon (PKT). APGJSA rates can be revised, so check the latest figures before relying on them.
Why did gold fall by Rs 7,000 per tola?
Business Recorder tied the local fall to weakness in international gold. International gold is priced in dollars per troy ounce, so global prices and the dollar-rupee rate both feed into Pakistan's rupee price.
A $70 fall to $4,020 implies a prior level of about $4,090 and a drop of roughly 1.7%, against the 1.62% fall in the local rate. This is arithmetic, not a causal calculation, and Business Recorder's report states only the $70 change.
Mettis Global's later spot reading was slightly higher. It linked this to high oil prices strengthening expectations that the US Federal Reserve will keep interest rates elevated, with investors awaiting next week's Fed policy meeting. Different quotations at different times can point in different directions, which is why the domestic APGJSA figures, rather than any single international reading, are the firm part of this story.
How much has gold fallen in three sessions?
| Date | 24K gold per tola | Change |
|---|---|---|
| Tue, Oct 20 | Rs 435,436 | – |
| Wed, Oct 21 | Rs 434,536 | −Rs 900 |
| Thu, Oct 22 | Rs 431,536 | −Rs 3,000 |
| Fri, Oct 23 | Rs 424,536 | −Rs 7,000 |
Source: APGJSA rates as reported by Mettis Global (Oct 21), Mettis Global (Oct 22) and Business Recorder (Oct 23).
Against Wednesday's rate, the fall is Rs 10,000 per tola, or about 2.30%. Against Tuesday's rate, it is Rs 10,900, or about 2.50%. Mettis Global's data table also shows 24-karat gold down Rs 23,800 per tola over one month. Three lower sessions do not show where prices go next. Gold can reverse quickly.
Did the stronger Pakistani rupee affect gold prices?
According to Mettis Global, the rupee gained 2.86 paisa in the interbank market, closing at Rs 276.8236 against Rs 276.8522 on Thursday. It traded between 276.80 and 276.85 during the session.
That is about 0.01%, far smaller than the 1.62% move in local gold. A stronger rupee can make a dollar-priced commodity slightly cheaper in rupee terms, but a three-paisa move cannot by itself explain a Rs 7,000 drop.
The interbank rate is also not what customers pay. Mettis reported open-market quotes of Rs 277.25 to buy and Rs 279.75 to sell the dollar.
What happened to silver prices?
Silver fell Rs 221 to Rs 5,865 per tola, from Rs 6,086 on Thursday. For 10 grams, it fell Rs 189 to Rs 5,028. Silver has industrial uses as well as investment demand, so it does not always move in step with gold.
Does the quoted rate equal a jewellery-shop price?
No. Rs 424,536 is the benchmark for 24-karat gold per tola, not the price of a finished necklace, ring or bangle. Much jewellery is made from 22-karat, 21-karat or other alloys, which contain less pure gold.
Jewellers may add making charges, design and finishing costs, and the price of any stones. When you sell old jewellery, the shop may pay less than the benchmark after testing and deductions. A Rs 7,000 fall in the tola rate will not cut every item's price by exactly Rs 7,000.
When comparing quotes, ask for the purity, the net gold weight, the rate used, the making charges and the shop's buy-back terms.
What should buyers and investors watch next?
Three things matter next: the next APGJSA rates, international gold prices and the dollar-rupee rate. Mettis noted that investors are awaiting next week's US Federal Reserve policy meeting. Compare like with like: a 24-karat per-tola price cannot be set directly against a 22-karat per-10-gram price. Confirm the live rate with your dealer before buying or selling, because a news report is not a live offer.
What today's market move means
Local 24-karat gold fell Rs 7,000 to Rs 424,536 per tola, a third straight daily decline, while silver also fell and the rupee gained marginally. What is verified is the fall itself. International signals on the day were mixed, and the rupee's small gain does not explain the drop. Nothing in these reports shows whether the decline will continue.
