The significant drop was reported by the All Pakistan Sarafa Gems and Jewellers Association. This sharp decline in the local market mirrors a major shift globally, as the international gold price took a hit, diving by $70 to settle at $4,013 from its previous rate of $4,083.

The decrease wasn't just for a single tola. The price of 10 grams of 24-karat gold also went down by Rs6,002, bringing the cost to Rs363,221 from Rs369,223. Additionally, 10 grams of 22-karat gold saw a decrease of Rs5,502, now costing Rs332,964 compared to Rs338,466.

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The downward trend wasn't limited to gold. Silver prices also witnessed a dip. The per-tola rate for 24-karat silver dropped by Rs123 to Rs5,245 from Rs5,368. The price for 10 grams of silver similarly decreased by Rs106 to Rs4,496. Internationally, silver also slipped by $1.23, trading at $49.73 from $50.96.

Market experts believe this swift correction suggests strong selling pressure globally, which immediately impacted the local rates. For investors, this sharp drop could present a golden opportunity to accumulate the precious metal at a lower cost before potential recovery.