Gold prices in Pakistan reversed earlier gains on Wednesday, following a steep decline in international bullion rates.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola fell by Rs. 8,600, bringing it down to Rs. 467,762.

The price of 10 grams of gold also declined sharply by Rs. 7,373, closing at Rs. 401,030.

This comes after a brief uptick on Tuesday, when gold rose by Rs. 4,600 to settle at Rs. 476,362 per tola.

In the global market, gold prices dropped by $86 per ounce, settling at $4,454.

Silver also followed the downward trend, losing Rs. 259 per tola to close at Rs. 7,894 on Wednesday.