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Gold price continued its decline in the local market for the second straight day as it witnessed a massive drop on Thursday declining by Rs4,600 per tola.

According to Sindh Sarafa Association, the price of gold settled at Rs140,700 per tola while the price of gold depreciated by Rs3,943 per ten gram and settled at Rs120,628.

The drop in the price of yellow metal comes after the rupee gained its momentum against the major currencies and appreciated by Rs4.7 against the US dollar amid hopes of revival of the IMF bailout package.

In the global market, the price of the precious metal stood at $1,831 per ounce after a minor decrease in its value.

Meanwhile, the prices per tola of 10 grams of silver remained unchanged at Rs1,560 and Rs1,337.44, respectively.