The prices of gold witnessed a sharp decline in the global and local market on Tuesday, with 24 karat gold per tola falling by Rs10,400 to settle at Rs432,236 compared to Rs442,636 on the previous trading day.

According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association, the price of 10 grams of 24 karat gold decreased by Rs 9,360 to Rs 368,985 from Rs 378,345, whereas 10 grams of 22 karat gold went down by Rs 8,508 to Rs 338,575 against Rs 347,083.

In the international market, the price of gold declined by $104.00 to $4,098.00 per ounce from $4,202.00. Meanwhile, the price of silver per tola dropped by Rs487 to Rs6,664 from Rs7,151, while the price of 10 grams of silver decreased by Rs 438 to Rs 5,641 from Rs 6,079.

Read More: Gold, silver prices decline in Pakistan as global rates fall

The price of silver in the international market also decreased by $4.861 to $61.853 per ounce from $66.714 per ounce.

On Friday, gold price witnessed a sharp decline in global and local markets. In the international bullion market, the price of gold per ounce fell by $149 to $4,156.

In the local market, the price of gold per tola decreased by Rs14,900 to Rs438,036. The price of 10 grams of gold also declined by Rs13,410 to Rs374,205.

Similarly, silver prices also registered a decline. The price of silver per tola fell by Rs413 to Rs6,946, while the price of 10 grams of silver dropped by Rs373 to Rs5,895.