Gold prices in Pakistan fell sharply on Thursday, tracking a steep decline in international markets and wiping out recent gains.

The price of one tola dropped by Rs. 24,300 to settle at Rs. 499,462, while the rate for 10 grams declined by Rs. 20,833 to Rs. 428,208, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

A day earlier, gold had held firm at Rs. 523,762 per tola before the sudden downturn.

Globally, gold prices plunged by $243 per ounce to $4,767, with an added premium of $20, reflecting broad market weakness.

Silver also followed the downward trend, shedding Rs. 760 to close at Rs. 7,734 per tola.