KARACHI: Gold prices in Pakistan recorded a sharp decline on Tuesday, giving buyers further relief as the precious metal extended losses for a second consecutive trading session amid weakness in international markets.

According to the All Pakistan Gems and Jewellers Association (APGJA), the price of gold per tola fell by Rs8,600 to Rs467,762. The price of 10 grams of gold also dropped by Rs7,373, settling at Rs401,030.

The latest decline comes a day after gold prices also moved lower in the local market, extending a rare two-day downward trend after weeks of record highs. The back-to-back declines have significantly reduced the cost of gold for buyers who had been waiting for prices to ease.

Gold Buyers Get Relief as Prices Drop Rs4,400 Per Tola

Market observers linked the latest drop to developments in the international bullion market, where gold prices fell by $86 per ounce to $4,544.

The decline in global gold prices was attributed to changing investor sentiment and reports surrounding delays in a potential agreement between Iran and the United States, which influenced trading activity in international commodity markets.

Silver prices also followed the downward trend in Pakistan. The price of silver per tola fell by Rs259, bringing the rate down to Rs7,894.

Gold prices in Pakistan are closely tied to movements in global markets, exchange rate fluctuations and investor demand. As a result, changes in international bullion prices often have a direct impact on local rates.

The latest correction comes after a prolonged rally that pushed gold to record levels in recent months, making purchases increasingly difficult for many consumers. The recent decline has renewed interest among jewellery buyers and investors monitoring market trends.