The price of per tola 24-karat gold dropped by Rs25,500 and was traded at Rs511,862 in the local market, the All Pakistan Sarafa Gems and Jewellers Association reported.

A day earlier, gold prices had already fallen sharply when per tola 24-karat gold slipped by Rs35,500 to settle at Rs537,362, completing a steep two-day fall of Rs61,000.

The price of 10 grams of 24-karat gold also plunged by Rs21,862 to Rs438,839, while 10 grams of 22-karat gold declined by Rs20,041 to Rs402,283.

International pressure added to the fall as global gold prices dropped by $255 to $4,895, influencing the local bullion market.

Read more: Gold prices slide globally, sharp fall expected in Pakistan

Silver prices followed the downward trend. Per tola silver fell by Rs2,063 to Rs9,006, while the price of 10 grams of silver decreased by Rs1,768 to Rs7,721. In the international market, silver prices also slipped by $10.63 to $85.31.

The sharp fall shows strong market volatility. Global prices are clearly pressuring local rates. Buyers are waiting for stability before investing. Experts expect short-term uncertainty to continue.