The price of gold continued its downtrend in the local market on Tuesday as the local currency posted a recovery for a third successive session against the US dollar.
According to All Sindh Sarafa Jewellers Association, the price of gold decreased by Rs3,500 per tola and was sold at Rs154,900 against its sale at Rs157,400 the previous day in the local market.
The price of 10 gram gold also decreased by Rs3,001 and was sold at Rs131,944 against its price of Rs134,945 a day earlier.
The price of gold in the international market rallied to a four-week high and increased by $6. The precious commodity was sold at $1,780 as opposed to $1,774, a day earlier as a dip in the US dollar boosted demand for the safe-haven metal amid heightened worries over a global economic slowdown.
Meanwhile, the price of silver increased by Rs10 per tola and was sold at Rs1,630 whereas the price of ten gram silver went up by Rs8.57 and was sold at Rs1,406.03.