Gold prices witnessed a sharp decline in both local and international markets on Tuesday, with the per tola rate dropping by Rs14,000 to settle at Rs416,362 in the local market.

According to data released by the All Pakistan Gems and Jewellers Association, the price of 10 grams of gold fell by Rs12,003, bringing it down to Rs356,963.

The decline in local rates followed a major drop in the international market, where gold prices fell by $140 per ounce to reach $3,940.

Traders said the fall in global bullion prices had a direct impact on domestic markets, where demand has remained subdued amid rising inflation and currency fluctuations.

The latest dip marks one of the steepest single-day declines in recent weeks, with jewellers expecting further adjustments if international prices continue to slide.