Gold prices Tuesday witnessed a downward trend in the local market amid hopes of the revival of IMF bailout package and strengthening of the local currency against its rival currencies.

The Sindh Sarafa Association said that the price of gold depreciated by Rs350 per tola and settled at Rs141,500 while the price of 10 grams of gold settled at Rs121,313 after decreasing by Rs301.

The fall in the prices come after Finance Minister Miftah Ismail shared the news that Pakistan has received the draft of memorandum of economic and financial policies (MEFP) from the international money lender for the combined seventh and eighth reviews of the bailout package.

The price of gold in the international market decreased by $10 and was sold at $1823 against its sale at $1833.

Meanwhile, the price of per tola and ten gram silver remained stable at Rs1550 and Rs 1,328.87 respectively.