Gold prices in Pakistan fell significantly on Wednesday, tracking a decline in international markets.

According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola dropped by Rs5,500 to settle at Rs479,562 in the local market.

Similarly, the price of 10 grams of gold decreased by Rs4,715, bringing it down to Rs411,147.

The downward trend follows a drop in global prices, where gold fell by $55 to reach $4,572 per ounce, including a premium of $20.

A day earlier, gold had already recorded a sharp decline of Rs8,900 per tola, closing at Rs485,062, indicating continued volatility in the market.

Silver prices also saw a decrease, falling by Rs45 per tola to settle at Rs7,766.

Market analysts attribute the decline to fluctuations in international rates, which continue to influence domestic pricing trends.