Gold prices in Pakistan witnessed a massive decline on Friday after hitting record highs a day earlier.
In the local market, the price of gold per tola fell by Rs. 35,500 to settle at Rs. 537,362, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Similarly, the price of 10 grams of gold dropped by Rs. 30,435 to Rs. 460,701.
On Thursday, gold had surged to Rs. 572,862 per tola after gaining Rs. 21,200 in a single session, reflecting heightened volatility in the bullion market.
In the international market, gold prices also came under pressure, with the rate declining by $355 to $5,150 per ounce, including a premium of $20.
Meanwhile, silver prices followed the downward trend. The price of silver per tola fell by Rs. 1,106 to Rs. 11,069 in the local market.
Globally, gold slid more than 4 percent on Friday amid rumors that the US Federal Reserve could get a more hawkish chair, triggering profit-taking after a strong rally.
Despite the drop, bullion remained on track for its strongest monthly gain since 1980 as investors continued to seek safe-haven assets amid lingering geopolitical and economic uncertainties.
Spot gold was down 3.9 percent at $5,183.21 per ounce as of 0323 GMT, after falling as much as 5 percent earlier in the session.
Gold prices have climbed more than 20 percent so far in January, marking a sixth consecutive monthly gain and the biggest monthly advance since January 1980.
US gold futures for February delivery were also lower, slipping 2.7 percent to $5,176.40 per ounce.