The price of gold witnessed a sharp decline after the International Monetary Fund approved the bailout package and strengthening of rupee against the dollar.

According to All Sindh Sarafa Jewellers Association, the price of gold plunged by Rs5,100 per tola on Tuesday and settled at Rs140,500.

The price of 10 gram declined by Rs4,372 and was sold at Rs120,456.

The decline in the prices of gold came after rupee gained value against the US dollar following the revival of the much-awaited IMF programme, and appreciated 0.82% in the inter-bank.

In a late-night development on Monday, the IMF finally revived its Extended Fund Facility (EFF) programme for Pakistan, as its board approved the disbursement of $1.17 billion for the seventh and eighth tranches.

Meanwhile, the price of gold in international market went up by $5 and was sold at $1733 against its sale at $1728.

The price of per tola silver decreased by Rs.10 to Rs1520 and that of ten gram silver by 8.57 to Rs.1303.15.