Gold prices in Pakistan recorded a significant decline on Friday, tracking losses in the international bullion market.

In the local market, the price of gold dropped by Rs7,100 per tola, bringing the new rate to Rs533,262.

Likewise, the price of 10 grams of gold decreased by Rs6,087, settling at Rs457,186, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association.

A day earlier, on Thursday, gold prices had already slipped by Rs2,900 per tola, closing at Rs540,362.

Globally, bullion prices also moved downward, with gold falling by $71 per ounce to reach $5,105, which includes a $20 premium in the local calculation.

Meanwhile, silver prices in the domestic market also witnessed a decline, dropping by Rs324 per tola to settle at Rs8,851.