Gold price witnessed a sharp decline after hitting a record high in the local market. The price of save-haven asset decreased by Rs.9,000 per tola on Tuesday after the Pakistani rupee slightly recovered against the US dollar.

All Sindh Sarafa and Jewelers Association reported that the price of per tola gold settled at Rs.201,500 against its sale at Rs.210,500 the last trading day. The price of 10-gram gold also decreased by Rs.7,716 to Rs.172,754 against Rs.180,470.

The fall in the bullion prices was recorded after Pakistan’s rupee appreciated by over Rs.4 against the greenback and amid hopes of the revival of the International Monetary Fund’s (IMF) ninth review as the IMF mission arrived in Islamabad to start talks on stalled funding programme.

The price of gold in the international market decreased by US$22 to US$ 1,902 as compared to its sale at US$1,924 on the last trading day.

Meanwhile, the price of silver also decreased by Rs.50 per tola to Rs.2,250 whereas that of ten-gram silver declined by Rs.42.88 to Rs.1,929.