KARACHI: Gold prices in Pakistan fell sharply after reaching record highs, with the per tola rate declining by Rs13,900 to settle at Rs549,962, according to market data released on the latest trading day.

The drop follows a surge in both domestic and international bullion markets a day earlier. The decline reflects volatility in global gold rates, which also registered a significant correction.

In the local market, the price of 10 grams of gold decreased by Rs11,917 to Rs471,503. Meanwhile, the rate for 10 grams of 22-karat gold was recorded at Rs532,226 after the adjustment.

Internationally, gold prices fell by $139 per ounce, bringing the global rate down to $5,272 per ounce. The pullback comes after a recent rally driven by geopolitical tensions and strong investor demand for safe-haven assets.

A day earlier, gold prices in Pakistan had risen by more than Rs13,000 per tola in line with global gains.

Gold prices surge by Rs13,300 per tola to Rs563,862 in local market

According to the All Pakistan Sarafa Gems and Jewelers Association, the per tola rate had climbed by Rs13,300 to Rs563,862, while 10 grams increased by Rs11,402 to Rs483,420.

In the international market, gold had surged by $133 per ounce to reach $5,411 during the previous session.

Silver prices also showed movement. The price of one tola of silver increased by Rs188 in the earlier session, reaching Rs10,050.

Market analysts attribute the fluctuations to shifts in global bullion trends, currency movements and investor sentiment, which continue to influence local pricing in Pakistan.