The price of gold in the local market fell sharply as the rupee made significant gains against the US dollar on Wednesday amid hopes of securing the International Monetary Fund bailout and higher export-related payments.

Gold price declined by Rs.8,600 per tola and was sold at Rs155,300 against its sale at Rs. 154,900 the previous day in the local market.

The price of 10 gram gold decreased by Rs7,373 and was sold at Rs124,571 against its sale at Rs131,944, All Sindh Sarafa Jewellers Association reported.

The prices of gold declined for the third straight day in the local market and in the last three sessions, the price of gold has fallen by a total of Rs14,300 per tola, from Monday to Wednesday.

The price of gold in international market decreased by $14 an ounce and was sold at $1766 against its sale at $1780, the association reported.

Meanwhile, the price of per tola silver decreased by Rs20 and was sold at Rs1620 whereas that of and ten gram silver went down by Rs.17.15 and was sold at Rs.1388.88.