What happened
Gold suffered its highest-ever recorded single-day decline in the world market on 24 March 2026, falling by $436 per ounce to $4,250, according to Dawn. The drop pulled the 10-gram and one-tola gold rates in the local market down by Rs37,380 and Rs43,600 respectively, leaving prices at Rs383,883 per 10 grams and Rs447,762 per tola.
The scale of the fall was sharp by recent standards. Dawn reported that gold slid more than 8 per cent to its lowest level in four months, dropped more than 10 per cent over the previous week — its steepest weekly loss since February 1983 — and had retreated about 25 per cent from a record peak of $5,594.82 per ounce reached on 29 January 2026.
Why it matters
The decline marks a reversal from the safe-haven rally that followed the start of the US-Israel war against Iran on 28 February. On 29 January, Pakistan recorded its highest-ever rates of Rs491,135 per 10 grams and Rs572,862 per tola after the global price reached $5,505 per ounce. On 28 February, the local 10-gram and one-tola rates stood at Rs472,018 and Rs550,562 based on a world price of $5,278 per ounce.
Traders attributed the sell-off to a rush to cash out. Qasim Shikarpuri, president of the All Pakistan Sarafa Gems and Jewellers Association, told Dawn that crude oil prices were climbing while gold was “losing its shine,” with sellers outnumbering buyers, especially in Dubai, where holders were willing to sell $40 to $50 per ounce cheaper. Mohammad Arshad, chairman of the All Pakistan Jewellers Manufacturers Association, said the Dubai government was cancelling future trade deals because of the situation, and that local markets looked deserted as buyers considered rates too high.
What is still uncertain
Shikarpuri said stakeholders had expected a fall of $100 to $200 per ounce rather than $436 in a single session, and that gold investors in Pakistan were sitting on the sidelines after suffering losses. He said the direction of prices would depend on where crude oil moved.
Sources & reporting notes
This is a synthesis of published material, not eyewitness reporting. Sources were reviewed on 2026-03-25.
- Dawn — Gold prices take a plunge as Mideast war rages onPublished 24 March 2026 · Reports the $436 per-ounce fall, local rates and dealer comments.
