Gold prices in Pakistan saw a sharp decline on Tuesday, as global markets experienced a dip in precious metal rates.

In the local bullion market, the price of gold fell by Rs1,000 per tola, bringing it to Rs274,700, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Similarly, the price of 10-gram gold dropped by Rs857, now standing at Rs235,511. This decrease comes after a marginal increase of Rs200 per tola on Monday, when gold settled at Rs275,700 per tola.

Globally, gold prices also faced a decline, with rates falling by $9 during the day. According to the APGJSA, the international gold price stood at $2,647 per ounce, including a $20 premium.

Despite the drop in gold prices, the silver market remained stable, with the price of silver holding at Rs3,050 per tola.

Last month, gold prices in Pakistan had surged to a record high of Rs277,000 per tola, as the precious metal saw significant gains due to international market fluctuations.