Gold prices in Pakistan experienced a dramatic decline on March 23, 2026, with the per tola rate dropping by a record Rs43,600 in a single day, according to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
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Record Local Drop Amid Bullion Market Volatility
The new price for 24-karat gold settled at Rs447,762 per tola, down sharply from the previous level. This marks the biggest single-day fall ever recorded in the local market, shocking investors and jewelers alike. The price for 10 grams of gold also fell significantly by Rs37,380 to Rs383,883.
Silver followed suit, decreasing by Rs800 to Rs6,884 per tola. Traders noted heavy selling pressure as buyers held back, waiting for further stabilization after the steep correction.
International Factors Drive the Sharp Correction
The plunge in Pakistan’s gold market mirrored a substantial drop in global prices, where spot gold fell by $436 to $4,250 per ounce (with a $20 premium).
This international decline was attributed to fading safe-haven demand amid shifting market dynamics. A Reuters report highlighted gold diving to a four-month low, down over 8% in the session, driven by inflation pressures from the escalating Middle East conflict raising bets on higher global interest rates.
The combination of stronger dollar influences and reduced speculative buying contributed to the rout, impacting local rates through currency and import linkages.