Gold prices fell sharply in Pakistan on Tuesday, tracking a steep decline in international bullion markets.

According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold dropped by Rs5,600 per tola to Rs424,136.

The price of 10 grams of gold also declined by Rs4,801, settling at Rs363,628.

The local market followed international trends, where spot gold fell by $56 per ounce to $4,017, including a premium of $20.

The latest decline comes a day after gold prices had already fallen by Rs3,800 per tola, taking the two-day cumulative drop to Rs9,400 per tola.

Meanwhile, silver prices also moved lower, with the price of one tola falling by Rs50 to Rs6,289.