Gold prices in Pakistan have witnessed a significant decline for the second consecutive day, following a recent surge in prices.

The price of gold fell by Rs1,100 per tola on Monday, bringing the price down to Rs. 260,400 per tola. The price of 10 grams of gold also decreased by Rs943, reaching Rs223,291.

The decline in local prices mirrors a global trend, with the international price of gold dropping by $7 per ounce to $2,490.

The Pakistan Gems and Jewelers Association attributed the price drop to a combination of factors, including a weakening demand in the international market and a strengthening US dollar.

Silver prices also saw a decline, falling by Rs50 per tola to Rs2,850.

It is worth noting that gold prices had already dropped by Rs2,000 per tola on Saturday, making the total decline over the past two days exceed Rs3,000.