Gold prices in Pakistan plunged sharply on Monday, tracking a major decline in international bullion markets where rates fell close to $4,400 per ounce.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs. 43,500 to Rs. 447,762, while the rate for 10 grams decreased to Rs. 383,883.

The downturn follows last week’s losses, when gold fell to Rs. 491,362 per tola after shedding Rs. 8,100 in a single session on Friday.

Globally, gold prices declined by $436 to settle at $4,250 per ounce, along with a $20 premium.

Silver prices also moved lower, dropping Rs. 800 to close at Rs. 6,884 per tola.