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Gold prices in Pakistan saw a sharp decline on Wednesday, October 24, as 24-karat gold became cheaper by Rs 2,000 per tola, bringing the new rate down to Rs 431,862.
According to the All Pakistan Gems and Jewellers Association, the price of 10 grams of 24-karat gold also dropped by Rs 1,714, now standing at Rs 370,252, while 22-karat gold fell by Rs 1,571 to Rs 339,410.
Similarly, silver prices witnessed a downward trend. The rate of 24-karat silver fell by Rs 43 per tola to Rs 5,067, and 10 grams of silver dropped by Rs 37 to Rs 4,344.
In the global market, the price of gold declined by $20 per ounce, settling at $4,095, while the same $20 drop was recorded for silver, reflecting weaker international demand.
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The decline comes after months of record-breaking price surges. Official data shows gold rates in Pakistan had increased by Rs 54,800 per tola in just one month, marking one of the steepest jumps in recent history.
Over the last four months, gold prices rose by Rs 86,000 per tola, reaching Rs 356,900 by June 2025, as imports remained completely halted amid tightening trade restrictions.
According to the Pakistan Bureau of Statistics, no gold imports were recorded in September 2025, marking the fourth consecutive month of zero inflows. The country’s domestic market has since struggled to meet consumer demand.
READ: Gold Prices surge in Pakistan amid global market gains
Year-on-year data reveals a 100 percent decline in gold imports during the first quarter of FY2025–26, compared to 55 kilograms imported during the same period last year. The last recorded import was in May 2025, totaling just 9 kilograms.
In contrast, September 2024 saw imports worth $4.6 million, while February 2025 marked the highest monthly inflow of 43 kilograms, valued at over $4 million.
Analysts warn that while the current drop offers temporary relief, further fluctuations in gold prices are likely if imports remain suspended and global market pressures persist.
