In the local market, the price of gold per tola dropped by Rs3,300 to settle at Rs501,562, according to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Similarly, the price of 10-gram gold declined by Rs2,829 to reach Rs430,008.

The drop follows a gain a day earlier, when gold per tola had risen to Rs504,862 after an increase of Rs1,400.

In the international market, gold prices decreased by around $34 to trade near $4,790 per ounce, contributing to the downward trend in domestic rates.

Meanwhile, silver prices also recorded a decline in the local market.

The per tola rate of silver fell by Rs70 to settle at Rs8,444.