According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola fell by Rs3,000 to Rs488,462. The rate for 10 grams declined by Rs2,572 to Rs418,777.

The drop follows a $30 decrease in global bullion prices, bringing gold to $4,657 per ounce.

Market analysts attribute the decline to shifting global dynamics after the onset of conflict in the Middle East.

A stronger US dollar against major currencies, including the euro, and rising crude oil prices have weighed on bullion markets.

Central banks in several countries have reportedly paused gold purchases, while investors are increasingly offloading holdings amid uncertainty over the prolonged Gulf conflict.

Despite the drop in gold prices, silver remained stable in both international and domestic markets. Globally, silver held steady at $72.60 per ounce.

In Pakistan, silver prices remained unchanged at Rs7,744 per tola and Rs6,639 per 10 grams.

The latest decline comes a day after gold prices rose, with per tola rates increasing by Rs1,100 and 10 grams gaining Rs943 in the previous session.