Gold prices in Pakistan slid sharply on Monday, with 24-karat gold falling to Rs438,136 per tola (Rs375,631 per 10 grams) in the local bullion market, according to Business Recorder’s live gold-rate tracker and corroborated by The Express Tribune, with Hamariweb’s Karachi Jewelers Association-sourced tracker showing a very close Rs438,000 per tola into Tuesday morning. The move marks a Rs12,800 per tola drop from the level PakDaily reported in Monday’s update, when the rate had been holding flat at Rs447,700 for three straight sessions.
The local decline tracked a sharper slide in the international bullion market, where spot gold dropped to around $4,156 an ounce — down $128, or roughly 3 percent, on the day and its lowest level in seven weeks, since August 5, per Business Recorder and Tribune reporting. Analysts pointed to a mix of a stronger US dollar, rising Treasury yields, and shifting Federal Reserve rate expectations as the main drivers, with markets pricing in a 70.3 percent probability of another Fed rate hike in October.
“Higher oil prices and the increased probability of further US rate hikes being priced in by market participants are the main drivers behind gold’s recent weakness,” said UBS analyst Giovanni Staunovo, as quoted by The Express Tribune.
Elevated oil prices have added to inflation concerns, while renewed Middle East tensions — following reports that Washington rejected an Iran peace deal — have added a layer of geopolitical uncertainty that would normally support gold, though it wasn’t enough to offset the dollar and rate-driven selling pressure this time. Silver followed gold lower, with Business Recorder and Tribune both reporting a Rs325 per tola decline in the Karachi sarafa rate.
Here is the full rate breakdown for today, covering all common gold purities alongside silver and the international benchmark:
| Metal / Purity | Per Tola | Per 10 Grams |
|---|---|---|
| Gold 24K | Rs438,136 | Rs375,631 |
| Gold 22K | Rs401,625 | Rs344,328 |
| Gold 21K | Rs383,369 | Rs328,677 |
| Gold 18K | Rs328,602 | Rs281,723 |
| Silver (999 fine) | Rs6,578 | Rs5,639 |
| International Gold (per ounce, USD) | $4,156 | |
Jewelers in Karachi, Lahore, Islamabad and other major cities generally follow the Sarafa Association’s notified rate, though small city-to-city variations of a few hundred rupees are common depending on local demand and making charges. Buyers planning a purchase should confirm the same-day rate with their local jeweler, since bullion prices can shift more than once during a single trading session — especially after a move as sharp as today’s.
