Gold prices in Pakistan fell sharply on Friday, tracking losses in the international market, according to data released by the All-Pakistan Gems and Jewellers Sarafa Association.

In the local bullion market, the price of gold dropped by Rs7,100 per tola, bringing the new rate to Rs533,262.

Similarly, the price of 10 grams of gold declined by Rs6,087 to settle at Rs457,186.

The decline follows a drop recorded a day earlier when the per tola price fell by Rs2,900, closing at Rs540,362 on Thursday.

In the international market, gold prices slipped by $71 to $5,105 per ounce, including a $20 premium, contributing to the downward trend in domestic rates.

Meanwhile, silver prices also moved lower in the local market. The price of silver per tola decreased by Rs324, settling at Rs8,851.