The All Pakistan Sarafa Gems and Jewellers Association reported that the price of 24-karat gold fell by Rs7,000 on Tuesday, bringing it down to Rs423,662 per tola from the previous Rs430,662.
The rate for 10 grams of 24-karat gold also dropped by Rs6,002 to Rs363,221, while 10 grams of 22-karat gold slipped by Rs5,502 to Rs332,964.
In the global market, gold declined by $70, reaching $4,013 compared to $4,083 earlier.
Silver prices followed the same trend, with 24-karat silver losing Rs123 per tola and settling at Rs5,245, down from Rs5,368. The 10-gram price fell by Rs106 to Rs4,496.
International silver prices also edged lower by $1.23, dropping to $49.73 from $50.96.