Gold prices declined by Rs2,400 per tola in the local market of Pakistan on Wednesday as rupee rebounded against the dollar in the interbank foreign exchange market.

The price of the precious metal shed Rs2,400 to reach Rs222,100 per tola. Similarly, gold 10 grammes also declined by Rs2,400 to clock-in at Rs190,415 in the domestic market.

The decline in the local prices came despite an increase of $12 in gold prices in the international market.

Gold bullion was trading at $1,972 in the international market on Wednesday.

The drop in the local gold prices came after rupee showed recovery against the dollar in both interbank and open market.

The local unit gained Rs1.48 against the dollar to reach Rs287.04 at the closing of the interbank. Similarly, it gained Rs2 to hit Rs291 against the dollar in the open market.