Gold prices decline in local and international markets

KARACHI: The price of gold in the local market has seen a sharp decline due to a decrease in price in the international market.

The per tola price of gold saw a drop of Rs 1,800 and is now being sold at Rs 50,500 in the local market.

Internationally, gold lumped close to a three-year low after the US Federal Reserve signalled it would wind down its massive stimulus programme this year, dealers said.

On the London Bullion Market, the price of gold tumbled as low as $1,287.91 an ounce as the dollar weakened -- the precious metal striking a point last seen in late September 2010.