Gold prices experienced a significant decline on Friday, both globally and in Pakistan.

This price correction also halted the formation of record highs that had been observed in recent weeks.

In the international bullion market, gold prices dropped by $33 per ounce, bringing the price to $3,305. This international decrease had a direct impact on local bullion rates in Pakistan.

In the domestic market, the price of 24-karat gold per tola fell sharply by Rs3,300, bringing it down to Rs348,700. The price of 10 grams of 24-karat gold also saw a decrease of Rs2,833, settling at Rs298,950.

Meanwhile, silver prices also recorded a decline. The per tola price of silver dropped by Rs40, reaching Rs3,497, while the 10-gram silver rate decreased by Rs35, settling at Rs2,998.

Market analysts suggest that the price correction is due to stabilisation in global demand and profit-taking after sustained gains in the previous months.

Traders have indicated that the market could remain volatile, influenced by fluctuating global economic indicators.