According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola fell by Rs2,700 to reach Rs494,062.

The price of 10 grams of gold also declined by Rs2,315, settling at Rs423,578.

In the international market, gold prices dropped by $27 per ounce, bringing the global rate down to $4,717.

Meanwhile, silver prices moved in the opposite direction in the local market, with the price per tola increasing by Rs80 to Rs8,525.

A day earlier, gold prices had surged sharply in Pakistan, with the per tola rate increasing by Rs7,800 and the price of 10 grams rising by Rs6,687.