KARACHI — Gold prices in Pakistan fell sharply on Friday, with rates dropping by more than Rs21,000 per tola, mirroring a steep decline in international bullion markets and easing prices for buyers after recent highs.

According to the All Pakistan Gems and Jewellers Association, the price of gold declined by Rs21,400 per tola to settle at Rs507,762. The fall reflects weaker global prices and changing market sentiment.

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The price of 10 grams of gold also recorded a significant decrease, shedding Rs18,347 to close at Rs435,324, the association said. Traders noted that the local market typically follows international trends, with domestic rates adjusting after changes in global benchmarks and currency movements.

In the international market, gold prices dropped by $214 per ounce to $4,850, dealers said, citing pressure from global factors that weighed on precious metals during the session.