Gold prices in Pakistan fell sharply on September 15, 2026, as rising oil prices and expectations of tighter monetary policy put further pressure on the international bullion market.
Gold prices in Pakistan continued their downward trend on Tuesday, with the price of 24-karat gold falling by Rs4,000 per tola as weakness in the international market weighed on domestic bullion rates.
According to the All Pakistan Gems and Jewellers Association, 24-karat gold declined to Rs449,336 per tola, compared with the previous closing price of Rs453,336.
The latest fall represents another significant move in the local bullion market, following a Rs3,800 decline on September 14. Gold has therefore lost Rs7,800 per tola over the past two sessions, based on the reported closing rates.
The price of 24-karat gold per 10 grams also decreased by Rs3,429, falling to Rs385,233 from the previous closing price of Rs388,662.
Gold prices also remained under pressure internationally. The precious metal declined by $40 per ounce to $4,268, compared with the previous session’s close of $4,308.
International gold traded around $4,300 an ounce, hovering near five-week lows as elevated oil prices strengthened expectations of tighter monetary policy from the US Federal Reserve.
Oil prices continued to rise amid the closure of Saudi Arabia’s East-West pipeline, intensifying concerns about energy supplies and inflation. Higher energy costs have increased expectations that the Federal Reserve could raise interest rates, with markets pricing in a roughly 92% probability of a 25-basis-point rate hike.
The prospect of higher interest rates has weighed on gold, which does not generate interest or dividends. Meanwhile, the US 10-year Treasury yield moved towards 5%, adding further pressure to the non-yielding asset.
Elsewhere, the Bank of Japan is also expected to raise interest rates, while continuing tensions in the Middle East and elevated energy prices have complicated the global inflation outlook.
For Pakistani investors and consumers, movements in international bullion prices will remain an important factor in determining domestic gold rates. Further changes in global interest-rate expectations, oil prices and geopolitical risks could continue to drive volatility in the local market.