Gold prices in Pakistan dropped sharply on Monday. The per tola price fell by Rs5,500. It settled at Rs470,162 in the local market.
Similarly, the price of 10-gram gold declined significantly. It dropped by Rs4,715 to reach Rs403,088. Rates were issued by the All-Pakistan Gems and Jewellers Sarafa Association.
Read more: Why gold prices are soaring to record highs?
The fall followed losses in the international gold market. Global gold prices declined by $55 per ounce. The new international rate stood at $4,478, including a premium.
Earlier, gold prices had shown an upward trend. On Saturday, gold per tola rose by Rs2,300. It had reached a high of Rs475,662.
Read more: Gold price surges to Rs 474,000 per tola
Meanwhile, silver prices also recorded a decline. Silver per tola dropped by Rs332. It closed at Rs8,075 in the local market.