The price gold witnessed a steep decline in the local market and decreased by Rs6,800 on Monday after Pakistani rupee registered significant gains against the US dollars.

According to the All Sindh Sarafa Jewellers Association, the price of precious metal settled at Rs143,300 against its price at Rs150,100 the previous day. Similarly the price of 10 gram also decreased by Rs5,829 and settled at Rs122,857.

Meanwhile, the price of gold in international market decreased by $2 and was sold at $1,640 against its sale at $1,642.

The decline in the prices of gold come after the value of the US dollar dropped by Rs3.65 in the interbank market after it became clear that PMLN-led government was planning to install Ishaq Dar as the finance minister. In the open market the price of US dollar fell by Rs5.90.

The price of per tola and ten gram silver remained constant at Rs.1570 and Rs.1346.02 respectively.