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Gold prices on Wednesday decreased by Rs1,850 per tola in the local market amid government hopes of the revival of the IMF bailout package.

According to the Sindh Sarrafa Association, the price of gold settled at Rs145,300 after a decline by Rs1,850 while the price of 10 grams decreased by Rs1,586 and settled at Rs124,571.

The decline comes after the rupee showed a little improvement against major currencies as the government claimed that it was close to a revival of a bailout package and productive talks were in progress with the global money lender.

Meanwhile, the price of gold in the international market increased by $6 and was sold at $1839 per ounce up from $1833 the previous day.

The prices per tola of 10 grams of silver stayed put at Rs1560 and Rs1,337.44, respectively.