Gold prices fall to 4-month low in Pakistan – March 23, 2026

Karachi: Gold prices in Pakistan fell to their lowest level in four months on Monday, March 23, 2026, the third day of Eid al-Fitr, mirroring a downward trend in the global bullion market, according to the All Pakistan Sarafa Gems and Jewellers Association.

The price of 24-karat gold per tola dropped by Rs43,600, settling at Rs447,762, compared to Rs491,362 in the previous session.

Meanwhile, the rate for 10 grams of 24-karat gold decreased by Rs37,380 to Rs383,883, down from Rs421,263 on Friday before Eid.

Silver prices also edged lower, declining by Rs800 to Rs6,884 per tola from Rs7,684.

On the international front, gold prices fell by $436 to $4,250 per ounce.

Market analysts attributed the volatility to rising oil prices amid escalating geopolitical tensions, particularly following airstrikes by the United States and Israel against Iran, which have heightened economic uncertainty.

“With the Iranian conflict entering its fourth week and oil prices hovering around $100, expectations have shifted from rate cuts to potential rate hikes, diminishing gold’s appeal from a yield perspective,” said Tim Waterer, chief market analyst at KCM Trade.

He added, “Gold’s high liquidity seems to be weighing on it during this risk-off period. Downturns in stock markets are leading investors to liquidate gold positions to cover margin calls on other assets.”

The closure of the Strait of Hormuz has kept crude oil prices elevated, fueling inflation fears by pushing up transport and manufacturing costs. While rising inflation usually strengthens gold’s appeal as a hedge, higher interest rates suppress demand for the non-yielding asset.