Gold prices recorded a significant decline in both local and global markets, making the precious metal relatively cheaper for buyers in Pakistan on Friday.

According to the All Pakistan Sarafa Gems and Jewelers Association, the price of gold per tola dropped by Rs3,400 to Rs533,762.

The price of 10 grams of gold in the country also fell by Rs2,915, reaching Rs457,614.

In the international market, the price of gold decreased by $34 per ounce to $5,110.

Meanwhile, silver prices increased in the local market.

The price of silver per tola rose by Rs104 to Rs8,914, while the rate of 10 grams of silver increased by Rs89 to Rs7,642.

In the global market, the price of silver per ounce increased by $84.30.

Experts say the decline in global gold prices and the rise in silver prices are linked to various economic factors and global market trends, the impact of which is also being reflected in the domestic market.