According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold dropped by Rs1,600 per tola to settle at Rs422,562.

Similarly, the rate of 10-gram gold decreased by Rs1,372 to Rs362,278.

A day earlier, the gold price had surged by Rs5,300 per tola to close at Rs424,162.

In the global market, gold also witnessed a downward trend, with the price slipping by $16 to $4,002 per ounce, including a $20 premium, as reported by the APGJSA.

Meanwhile, the price of silver fell by Rs65 per tola, settling at Rs5,127.