Gold Falls for the Third Straight Day — Rs431,536 Per Tola: Should You Buy Now?

The News: Gold Falls for the Third Straight Day

On 22 October 2026, the price of 24-karat gold in Pakistan fell by Rs3,000 per tola to Rs431,536, according to rates issued by the All Pakistan Sarafa Gems and Jewellers Association. Ten grams of 24-karat gold dropped by Rs2,572 to Rs369,972. In the international market, gold slipped $30 to $4,090 per ounce. Silver followed the same path, falling Rs121 per tola to Rs6,086.

This was the third consecutive day of declines. Gold had dropped Rs3,600 per tola on Tuesday to Rs435,436 and a further Rs900 on Wednesday to Rs434,536. In a single week, the per-tola price has moved down by roughly Rs7,500 — a swing that gets every buyer's attention.

What's Pulling Gold Down

The immediate trigger sat outside the gold market entirely. Oil prices climbed by more than $2 a barrel on Thursday after additional Houthi attacks in Saudi Arabia raised concerns about a broader regional conflict and possible disruptions to crude supplies. That uncertainty weighed on investor sentiment across markets, and gold — despite its safe-haven reputation — slid alongside.

There is also a second force at work. Stalled US-Iran negotiations, with reported demands for historical conflict compensation from Tehran, have crushed hopes of the Strait of Hormuz reopening soon. Spiking oil keeps feeding fresh inflation fears, and in that jittery mood, some investors have been selling gold rather than buying it.

Analysts are not promising a quick rebound. Soni Kumari, an analyst at ANZ, was quoted saying that gold prices "can fall further" because of the continuing uncertainty around the energy market. That is one analyst's view, not a forecast — but it shows how tightly gold is now tied to the oil story.

Why Local Rates Follow Global Gold

The per-tola rate in Pakistan is generally built from two inputs: the international dollar price per ounce and the rupee-dollar exchange rate. When international gold drops, as it did by $30 an ounce, local sarafa markets usually adjust downward too — which is exactly what happened this week.

But the local rate is not a perfect mirror. Rupee movements, local premiums, and the timing of the association's daily announcement can soften or sharpen the fall. Some websites may also show slightly different figures during the day, so the number you see online in the morning is not always the number at the counter in the evening.

Should You Buy Now or Wait?

If you need jewellery soon — a wedding purchase, a gift, or a long-planned buy — a dip like this is generally a reasonable time to start shopping. Rates are lower than they were a week ago, and waiting for the absolute bottom is a game even professional traders lose.

That said, a falling market can keep falling. Trying to time the exact low often means waiting too long and watching the rate climb back. If the price suits your budget and your need is real, buying in parts — a piece now, another later — can spread the timing risk instead of betting everything on one day.

Protecting Yourself at the Counter

• Ask for a written bill that separates the metal value from the making charges. It should show the net weight, the karat, the day's rate used, and the making charges as separate lines — never a single lump sum.

• Check the karat stamp on the piece (for example, 916 for 22K). If you are spending a large amount, consider getting the item assay-tested before you pay the balance.

• Keep every receipt and payment record. If you ever resell, the same daily board applies — and shops generally buy back at a margin below the selling rate, so know that spread before you decide.

Rate Disclaimer

All rates cited in this article come from news reports dated 22 October 2026 and are given for context only. Gold prices change during the day and can differ between cities and even between shops. Always check the current sarafa board rate before you pay — the number that matters is the one on the day of your purchase.