Gold prices fell sharply in Pakistan on Thursday, with the price of one tola dropping by Rs. 5,600 as international bullion rates also moved lower.

According to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), gold settled at Rs. 448,336 per tola after losing Rs. 5,600 during the day.

The price of 10-gram gold also declined by Rs. 4,801 to Rs. 384,375.

The latest drop follows another decline a day earlier, when the price of one tola fell by Rs. 1,800 to Rs. 453,936.

This means gold has lost Rs. 7,400 per tola in Pakistan over the past two trading sessions.

The local market followed the international trend, with gold falling by $56 to $4,258 per ounce.

Silver prices also moved lower on Thursday. The price of silver declined by Rs. 171 per tola to Rs. 6,837.

The latest correction comes after gold had climbed to exceptionally high levels in recent trading sessions, with movements in international bullion prices continuing to influence rates in Pakistan.

The local price is also affected by changes in the rupee-dollar exchange rate, meaning international gold movements do not always translate into an identical change in domestic prices.

For now, the latest decline has pushed gold back below the Rs. 450,000-per-tola level after it had remained above that mark in recent sessions.