Gold price has witnessed a sharp decline in local markets on Friday.

According to the Sindh Sarafa Jewelers Association, the price of gold has decreased by Rs 2,000, to Rs 132,300 per tola and that of 10 grams of gold has decreased by Rs. 1,715 to Rs 113,426.

It may be recalled that after the decision of the Supreme Court of Pakistan, the value of dollars in the country has also decreased against the rupee.

The correction in gold was overdue since long as political uncertainty had caused panic everywhere and people were relocating their capital to buying gold, as some regulations had made it difficult to buy dollars for everyone.

It had maintained an uptrend for the past three successive working days in the domestic market androse by Rs3,100 during the last three days from Tuesday to Thursday.