The price of gold in Pakistan witnessed a major decline for the consecutive day on Wednesday.

According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs. 10,500 per tola to Rs. 232,300 while the price of 10 grams declined by Rs. 9,002 to close at Rs. 190,586.

On Tuesday, the price of the precious metal registered a decrease of Rs. 6,300 per tola. Cumulatively, the price of gold has fallen by Rs. 16,800 per tola.

Market players say that the massive decline in the price of gold in the last two days is due to the correction in the price of the US dollar in the open market. The open market rate of the US dollar has come from over Rs. 330 to just over 320.

In the international market, spot gold declined by 0.1 percent to $1,923.59 per ounce by 0948 GMT, while the U.S. gold futures dropped 0.2 percent to $1,948.70.

Source: Pro Pakistani