Gold prices in Pakistan saw a significant drop on Saturday, mirroring the decline in the international market.

The price of gold per tola fell by Rs5,500, reaching Rs320,000 in the local market.

Similarly, the price of 10-gram gold dropped by Rs4,714, settling at Rs274,348, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The local market had resumed trading after the Eidul itr holidays with gold prices hitting new highs, with the price per tola reaching Rs325,500 and 10 grams priced at Rs279,063.

Earlier in the week, both local and international gold prices surged to historic highs, with the global market nearing $3,100 per ounce, traders noted.