Gold price falls Rs10,800 per tola in Pakistan on Saturday, October 31, taking 24-karat gold down to Rs409,736 per tola, according to the All Pakistan Sarafa Gems and Jewellers Association (APGJSA). It is one of the sharpest single-day drops of the year.
The price of 10 grams of 24-karat gold fell by Rs9,259 to Rs351,282, while 10 grams of 22-karat gold dropped by Rs8,487 to Rs322,020.
New Gold and Silver Rates After the Gold Price Falls Rs10,800
| Item | New Rate | Change |
|---|---|---|
| 24K gold per tola | Rs409,736 | -Rs10,800 |
| 24K gold per 10 grams | Rs351,282 | -Rs9,259 |
| 22K gold per 10 grams | Rs322,020 | -Rs8,487 |
| Silver per tola | Rs5,388 | -Rs142 |
| International gold (per ounce) | $3,872 | -$108 |
Rs15,900 Lost in Two Days
Saturday’s fall came a day after gold dropped Rs5,100 to Rs420,536 on Friday, so the metal has lost Rs15,900 per tola in just two sessions. Only on Wednesday, October 28, the rate had climbed to Rs425,636.
At Rs409,736, gold is now less than Rs10,000 above the Rs400,000 mark. Earlier in October, the rate was above Rs440,000 per tola, which means buyers are now paying more than Rs30,000 less per tola than at the start of the month.
Why Gold Fell So Sharply
The local drop followed a slide in the international market, where gold fell by $108 to $3,872 per ounce. Silver also weakened worldwide, falling by $1.42 to $49.10 per ounce. The association said local rates are worked out on the basis of the international price and the interbank exchange rate, so any big move abroad is passed on to local buyers within the same day.
Global gold prices have been under pressure as investors watch US interest rate expectations, which tend to pull money away from gold when rates are expected to stay high or rise.
What the Gold Price Fall Means for Buyers
- Wedding shoppers: The fall brings some relief to families buying jewellery for the wedding season.
- Investors: Gold remains volatile, with gains and losses of several thousand rupees in a day, so short-term buyers face higher risk.
- Sellers: People planning to sell gold will get less than they would have earlier this month.
Local rates can change again on Monday if international prices move over the weekend. Daily figures by karat are available on our gold rate page.
Read More: Gold Rate in Pakistan Today
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