The price of gold in Pakistan has experienced a significant decline for the second consecutive day, impacting the precious metal market.

Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reveals that the price of gold (24 carats) has dropped by Rs. 10,500 per tola to reach Rs. 232,300, while the price of 10 grams has decreased by Rs. 9,002, closing at Rs. 190,586.

This decline follows a decrease in the price of gold by Rs. 6,300 per tola on the previous day, resulting in a cumulative drop of Rs. 16,800 per tola over the two days.

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Market analysts attribute this significant reduction in the gold price to a correction in the value of the US dollar in the open market. The open market rate of the US dollar has shifted from over Rs. 330 to just above 320.

In the international market, spot gold has also seen a decline of 0.1 percent, reaching $1,923.59 per ounce by 0948 GMT, while U.S. gold futures have dropped by 0.2 percent, settling at $1,948.70