Gold prices in Pakistan dropped by Rs. 5,100 per tola on Friday, taking the rate to Rs. 420,536 as international prices fell below $4,000 per ounce.

The price of 10 grams of 24-karat gold also declined by Rs. 4,373 to Rs. 360,541, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Silver prices also moved lower. A tola of silver became cheaper by Rs. 238, bringing its price to Rs. 5,530.

Gold Ends Two-Day Gains

Friday’s decline reversed the recent stability in the local gold market.

Gold remained unchanged at Rs. 425,636 per tola on Thursday after gaining Rs. 3,500 per tola on Wednesday.

With the latest drop, gold is now trading Rs. 21,500 below its October 10 peak of Rs. 442,036 per tola.

International Gold Price Falls Below $4,000

The decline in Pakistan followed a drop in international markets, where gold prices fell by $51 to $3,980 per ounce.

The international rate had remained above the $4,000 mark since Wednesday before slipping below that level on Friday.

The decline in global prices contributed to the latest reduction in domestic gold rates.