Gold prices in Pakistan saw a significant drop on Tuesday, mirroring international trends. The price per tola of gold in the local market fell by Rs7,000, bringing it down to Rs270,500, as reported by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA). Likewise, the 10-gram gold price decreased by Rs6,000, now priced at Rs231,911. Just a day earlier, gold had already fallen by Rs1,300, closing Monday at Rs277,500.

Globally, gold prices also declined on Tuesday, with APGJSA noting a price of $2,593 per ounce (including a $20 premium), marking a $77 decrease for the day.

Silver prices followed the trend, dropping by Rs50 to reach Rs3,250 per tola.

Last month, gold reached a record high of Rs287,900 per tola in Pakistan. The recent increases in gold prices were mainly due to the demand for safe-haven assets amid Middle East conflicts and uncertainties around the upcoming U.S. election.