Gold prices in Pakistan saw a sharp correction on Tuesday after a recent surge, as international markets also pulled back from their highs.
Data from the All Pakistan Sarafa Gems and Jewellers Association showed that the price of 24-karat gold per tola fell by Rs4,000, closing at Rs450,862.
Similarly, 24-karat gold per 10 grams dropped by Rs3,429 to Rs386,541, while 22-karat gold per 10 grams declined by Rs3,143, settling at Rs354,342.
The fall in domestic prices followed a retreat in the global market, where the international gold price per ounce dropped by $40, trading at $4,285.
In contrast, silver prices remained steady. Domestic rates for silver per tola (24Kt) and per 10 grams stayed unchanged at Rs6,532 and Rs5,600, respectively. Internationally, silver also held firm at $62.60 per ounce.
The Association confirmed that local gold rates are calculated based on interbank exchange rates. The quoted prices are for 999 purity (24K).
A day earlier, gold in Pakistan had maintained its bullish trend on Monday, with both gold and silver prices moving higher. According to the Association, the cost of 24-karat gold per tola increased by Rs2,600, reaching a new high of Rs45,862.