Gold prices in Pakistan fell sharply on Wednesday, tracking a significant decline in international bullion markets.

According to rates issued by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs12,627 to settle at Rs442,436, lowest in 5 months. The price of 10 grams of gold also declined by Rs11,364, closing at Rs378,170.

The latest drop comes a day after gold gained Rs2,830 per tola, reaching Rs455,063 on Tuesday.

In the global market, gold prices fell by $126 per ounce, bringing the international rate to $4,200 per ounce, including a premium of $20.

Silver prices also moved lower in the local market, with the per tola rate decreasing by Rs385 to Rs6,929.