Gold prices declined in Pakistan on Tuesday, erasing the slight gains recorded a day earlier as international bullion markets turned bearish.

In global trading, gold slipped by $89 per ounce, bringing the price down to $4,627 per ounce amid renewed selling pressure.

The local market followed the same trend. In Pakistan, the price of gold per tola dropped sharply by Rs. 8,900 to settle at Rs. 485,062. Similarly, the rate of 10 grams of gold fell by Rs. 7,630, reaching Rs. 415,862.

On Monday, gold had closed at Rs. 493,962 per tola before the latest correction set in.

Silver also moved lower, shedding Rs. 238 to close at Rs. 7,811 per tola.