Gold prices across Pakistan registered a significant decline for the second consecutive day, bringing welcome news for buyers.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of one tola of gold dropped by Rs5,600, bringing the new rate down to Rs424,136.

Similarly, the price of 10 grams of gold decreased by Rs4,801, settling at Rs363,628.

Silver prices also declined, with the price of one tola of silver falling by Rs50 to Rs6,289.

In the international market, gold prices also moved lower, with the price per ounce dropping by $56 to $4,017.

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It is worth noting that gold prices had also witnessed a notable decline the previous day. At that time, the price of one tola of gold had fallen by Rs3,800 to Rs429,736, while the price of 10 grams had decreased by Rs3,258 to Rs368,429.

According to market experts, local gold prices are directly influenced by international gold rates, the value of the US dollar, global economic conditions, and investor sentiment.