Gold prices in Pakistan extended their decline on Wednesday, September 23, marking a fourth consecutive day of losses as weakness in international bullion markets continued to affect domestic rates.
According to rates reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold fell by Rs1,800 per tola, settling at Rs453,936.
The price of 10 grams of 24-karat gold also declined by Rs1,544 to Rs389,176.
The latest fall follows several sessions of declining prices, offering some relief to jewellery buyers after gold traded at historically elevated levels earlier in the year.
Gold Price in Pakistan on September 23, 2026
The latest reported rates are:
| Gold Category | September 23 Price | Daily Change |
|---|---|---|
| 24K gold per tola | Rs453,936 | -Rs1,800 |
| 24K gold per 10 grams | Rs389,176 | -Rs1,544 |
| International gold | $4,314/oz | -$18 |
| Silver per tola | Rs7,008 | -Rs30 |
On Tuesday, September 22, 24-karat gold had closed at Rs455,736 per tola after also declining by Rs1,800.
The latest drop therefore pushed the benchmark price below Rs454,000 per tola.
Gold Falls for Fourth Consecutive Session
The September 23 decline extended a losing streak in Pakistan’s bullion market.
Gold had already been under pressure during preceding sessions before another Rs1,800 was wiped from the per-tola price on Wednesday.
The movement has broadly followed weakness in international bullion markets.
That relationship is important because Pakistan does not determine gold prices independently of the global market.
International bullion prices are one of the most important factors influencing domestic rates.
International Gold Drops to $4,314 Per Ounce
The international gold rate declined by $18 to $4,314 per ounce on September 23.
When international gold becomes cheaper, Pakistan’s domestic gold price generally faces downward pressure, assuming other important variables remain relatively stable.
However, the international spot price is not the only factor.
The Pakistani rupee’s exchange rate against the US dollar also plays an important role.
Since international gold is quoted in dollars, changes in USD/PKR can amplify or partially offset movements in global bullion prices.
Why Does Gold Price Change in Pakistan?
Pakistan’s gold market is influenced by several interconnected factors.
1. International Gold Prices
Global bullion prices are perhaps the most visible factor.
If international gold rises sharply, local Pakistani prices usually move upward as well.
The reverse generally occurs when global prices decline.
2. Pakistani Rupee Against the Dollar
Gold is internationally priced in US dollars.
A weaker Pakistani rupee can therefore make gold more expensive locally even if the international price remains unchanged.
Conversely, rupee appreciation can reduce some of the pressure on domestic prices.
This explains why Pakistan’s gold price does not always move by exactly the same percentage as international gold.
3. US Interest Rates
Interest-rate expectations can significantly influence gold.
Gold does not pay interest.
When interest-bearing investments such as government bonds offer attractive returns, holding non-yielding gold can become comparatively less attractive to some investors.
Expectations surrounding US Federal Reserve policy can therefore affect global gold demand and prices.
4. US Dollar Strength
Gold and the US dollar frequently have an important relationship.
A stronger dollar can make dollar-denominated gold more expensive for buyers using other currencies, potentially putting pressure on demand.
A weaker dollar can have the opposite effect.
The relationship is not absolute, but currency movements remain an important factor for bullion traders.
5. Geopolitical Risk
Gold is widely regarded as a safe-haven asset.
Wars, geopolitical tensions, financial instability and concerns about the global economy can increase investor demand for bullion.
When those concerns ease, some safe-haven demand can also weaken.
Silver Prices Also Decline
Gold was not the only precious metal to lose value on September 23.
Silver declined by Rs30 per tola, bringing its local price to Rs7,008.
Silver prices are influenced by many of the same macroeconomic forces affecting gold.
However, silver also has significant industrial demand, meaning manufacturing and technology-sector conditions can play a larger role in its price than they typically do for gold.
Is Falling Gold Good News for Jewellery Buyers?
A declining bullion price can reduce the underlying metal cost of jewellery.
But consumers should remember that the quoted per-tola gold rate is not necessarily the final price they will pay at a jewellery shop.
Jewellery prices can additionally include:
- Making charges
- Design charges
- Wastage
- Gemstone costs
- Retailer margins
- Other applicable charges
Two jewellery pieces containing similar amounts of gold can therefore have significantly different final prices.
Consumers should ask the jeweller to clearly separate the gold value from making and other charges before purchasing.
24K vs 22K Gold: What’s the Difference?
The benchmark gold rate reported in Pakistan is generally based on 24-karat gold.
But jewellery is frequently made using lower-purity gold because pure 24K gold is relatively soft.
24K Gold
24-karat gold represents very high-purity gold and is commonly used as the benchmark for bullion pricing.
22K Gold
22-karat gold contains approximately 91.7% gold, with the remainder consisting of other metals.
It is commonly used for jewellery because adding other metals can improve durability.
21K and 18K Gold
Lower-karat jewellery contains progressively less pure gold.
As a result, buyers should not simply multiply the published 24K rate by the weight of a 22K or 18K jewellery item and assume that represents its exact value.
Purity must also be taken into account.
How Much Has Gold Fallen in Two Days?
On September 22, gold stood at Rs455,736 per tola after declining by Rs1,800.
Another Rs1,800 decline on September 23 pushed the price to Rs453,936.
That means gold lost Rs3,600 per tola across these two sessions alone.
For someone following the market before purchasing jewellery or bullion, even relatively small percentage changes can translate into thousands of rupees because the underlying price of gold is so high.
Why Gold Remains Expensive Despite the Recent Decline
Four consecutive declining sessions may sound like a major correction, but the broader price level remains historically elevated.
Short-term declines should therefore be distinguished from a long-term trend.
Gold can experience significant daily volatility while remaining expensive compared with previous years.
This is particularly important for investors.
Buying simply because gold has fallen for several days does not guarantee that prices will immediately rebound.
Similarly, selling because prices have declined for several sessions does not mean they will necessarily continue falling.
Commodity prices respond continuously to new economic information.
What Could Affect Gold Prices Next?
Several factors could influence the next major move in bullion prices.
Investors will be watching:
- US Federal Reserve interest-rate expectations
- Inflation data
- US dollar movements
- Global bond yields
- Geopolitical developments
- Central-bank gold demand
- USD/PKR exchange-rate movements
- International investor demand for safe-haven assets
A major change in any of these variables can quickly affect international gold and, consequently, Pakistani prices.
Should You Buy Gold After the Price Drop?
A four-day decline alone is not enough to determine whether gold is cheap or expensive.
The answer depends heavily on why someone is buying it.
A jewellery buyer may primarily care about getting a favourable price before a wedding or another occasion.
A long-term investor may instead care about inflation protection, portfolio diversification and the price paid relative to their investment horizon.
A short-term trader faces a completely different risk profile.
Consumers should therefore avoid treating a daily gold-rate update as an investment recommendation.
Gold Price in Pakistan Can Change Quickly
Gold prices can move rapidly in response to international bullion markets and currency fluctuations.
Someone planning a significant purchase should therefore verify the latest rate on the actual day of the transaction.
Rates quoted online can also differ slightly between markets, cities and individual jewellers.
The final jewellery price can differ further because of purity, making charges and retailer margins.
What September 23’s Decline Means
Pakistan’s gold market recorded another notable decline on September 23, with 24-karat gold losing Rs1,800 to settle at Rs453,936 per tola.
The movement coincided with international gold falling $18 to $4,314 per ounce, reinforcing the close relationship between Pakistan’s bullion market and global prices.
Silver also weakened to Rs7,008 per tola.
For consumers, the decline reduces the underlying bullion cost compared with the previous session.
For investors, however, four consecutive declining sessions should be viewed as part of a much larger market driven by global interest rates, currencies, geopolitical risk and investor demand.
The next direction of Pakistan’s gold price will therefore depend heavily on what happens in international markets — and on the value of the Pakistani rupee.