Gold prices in Pakistan recorded a sharp decline on Thursday, falling by Rs10,900 per tola as a steep drop in international rates pushed local prices lower.

The price of gold settled at Rs416,536 per tola, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Similarly, the price of 10-gram gold dropped by Rs9,345 to Rs357,112.

The decline followed another Rs3,400 drop on Wednesday, when gold prices had fallen to Rs427,436 per tola.

In the international market, gold prices declined by $109 to settle at $3,940 per ounce.

Silver prices also moved lower in the local market, falling by Rs163 to Rs4,782 per tola.