Gold prices drop by Rs5,500 per tola in Pakistan amid global decline

Prices had reached a record high of Rs287,900 per tola in Pakistan last month

Gold prices in Pakistan fell sharply on Thursday, tracking a decline in international markets. 

In the local market, the price per tola decreased by Rs5,500, settling at Rs266,400, according to the All-Pakistan Gems and Jewelers Sarafa Association. 

Meanwhile, 10-gram gold saw a drop of Rs4,716, bringing the rate to Rs228,395.

The international price of gold dropped by $55 per ounce, reaching $2,552 with a premium of $20, according to APGJSA. 

This correction follows a recent rise on Wednesday when local gold prices climbed by Rs1,400 per tola to Rs271,900.

Silver prices in Pakistan, however, remained steady at Rs3,250 per tola. Gold had reached a record high of Rs287,900 per tola in Pakistan last month.