Gold prices in Pakistan recorded a sharp decline on Wednesday, tracking losses in the international bullion market.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold dropped by Rs4,700 per tola to settle at Rs430,236.

The price of 10 grams of gold also fell significantly, declining by Rs4,029 to Rs368,858.

The latest drop follows Tuesday’s decline of Rs2,500 per tola, when gold had settled at Rs434,963, extending the precious metal’s downward trend in the local market.

Internationally, gold prices fell by $47 to $4,078 per ounce, including a premium of $20, putting additional pressure on domestic rates.

Silver prices also moved lower, with the price per tola declining by Rs138 to Rs6,421.