Gold prices in Pakistan fell sharply on Thursday, with the price of one tola dropping Rs3,500 as international gold rates also declined.

According to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold fell to Rs483,036 per tola.

The price of 10-gram gold also decreased by Rs3,001 to Rs414,125.

Gold had closed at Rs486,536 per tola on Wednesday after losing Rs600 during the day.

The decline in local prices came as international gold also moved lower. The global price dropped $35 to $4,605 per ounce, including a $20 premium.

Meanwhile, silver prices moved in the opposite direction, rising Rs50 to Rs7,329 per tola.