The price of 24 karat gold decreased by Rs8,600 per tola and Rs7,373 per 10 grams to settle at Rs145,300 and Rs124,571, respectively, in the local market, according to figures released on Wednesday by All Sindh Sarafa and Jewellers Association (ASSJA).

The latest decrease was in accordance with what the traders anticipated that the market would correct itself after achieving fresh heights in earlier sessions.

On July 28, the price of a tola of gold rose to an all-time high of Rs162,500.

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The local currency made a significant comeback against the US dollar, rising by nearly Rs9 or 4 per cent, which diminished the shine of the precious metal.

In the last three sessions, the price of gold has fallen by a total of Rs14,300 per tola, from Monday to Wednesday.

Read more: Pakistan rupee appreciates Rs9.58 against US dollar, closes at Rs228.8

Compared to Dubai, the price of gold in Pakistan is Rs2,000 per tola less.

Bullion prices also fell $14 per ounce to close at $1,766 on the global market.