LAHORE: Gold price in Pakistan fell by Rs2,800 per tola on Thursday, extending losses for a third consecutive session as international bullion rates continued to decline, according to the All Pakistan Sarafa Gems and Jewelers Association.

With the latest decrease, the price of gold per tola in the local market dropped to Rs537,162. The price of 10 grams of gold also declined by Rs2,410, bringing it down to Rs460,529.

The drop followed a decline in global gold prices, where the metal fell by $28 per ounce to around $5,144 in international markets.

Gold prices have been moving downward for several days. A day earlier, on March 4, Pakistan gold price dropped Rs10,000 per tola to Rs539,962 after a sharp fall in international bullion markets, marking one of the largest single-day declines this week.

Pakistan gold price drops Rs10,000 per tola on Wednesday after previous day slide

Silver prices also declined in the domestic market on Thursday. The price of silver per tola decreased by Rs194 to Rs8,810.

On Wednesday, the price of 10 grams of gold had also fallen by Rs8,573 to Rs462,930, while silver had moved in the opposite direction and increased by Rs100 per tola to Rs9,004.

The latest figures indicate that movements in the domestic bullion market continue to track trends in global precious metals prices.