Gold prices in Pakistan declined for the third consecutive day on Wednesday, tracking losses in international markets following renewed weakness in bullion rates after the extension of the ceasefire agreement between Iran and the United States.

In the global market, gold prices fell by $12 per ounce, settling at $4,766 per ounce. The downward trend was mirrored locally, where the price of gold dropped by Rs1,200 per tola to Rs498,962.

The price of 10 grams of gold also moved lower, decreasing by Rs1,029 to reach Rs427,779.

A day earlier, gold had been priced at Rs500,162 per tola in the domestic market.

Silver prices also recorded a decline alongside gold. The rate of silver fell by Rs34 per tola, bringing the price down to Rs8,324.

Market analysts attributed the continued decline in bullion prices to reduced safe-haven demand as geopolitical tensions eased following progress on the Iran-US ceasefire, prompting investors to shift away from precious metals.