KARACHI, May 18: The 10-gram gold price on the local bullion market plunged to Rs45,000 on Saturday from Rs45,557. Prior to general elections the price was Rs48,000 per 10 grams.

International gold price fell by $18 per ounce to settle at $1,360 on Saturday which was $1,470 on May 9.

The per tola gold bar price also dropped by Rs650 to Rs52,500. The per tola price was quoted at Rs56,000 before the elections.

The persistent fall in gold price is quite a relief for a number of families who have been buying jewellery sets.

President All Sindh Sarafa Jewellers Association Haji Haroon Chand said some people were delaying gold and jewellery buying anticipating further fall in domestic yellow metal prices.

He said many investors in Pakistan purchase 10 tola gold bar. Previously the investors were selling gold bar but after smelling further drop they started lifting gold bar.