Gold prices in Pakistan fell sharply on Thursday, mirroring a downturn in the international market.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs4,100 to settle at Rs384,000.

Similarly, the 10-gram rate slid Rs3,515, reaching Rs329,218.

The decline came after prices held steady at Rs388,100 on Wednesday, a day after touching an all-time high.

Internationally, gold prices also eased. APGJSA reported the global rate at $3,618 per ounce (with a $20 premium), down $36.

Silver prices in Pakistan slipped as well, with the per-tola rate shedding Rs32 to close at Rs4,326.

Despite the pullback, gold hovered near record highs in global trade.

Spot gold stood at $3,636.59 per ounce as of 0233 GMT, while US gold futures for December delivery edged down 0.1% to $3,676.40. Earlier this week, bullion hit an unprecedented $3,673.95 per ounce.

Analysts noted that softer-than-expected US producer prices data boosted hopes of a Federal Reserve interest rate cut next week. Markets now await fresh cues from US consumer inflation figures later today.