KARACHI: Gold price in Pakistan has dropped by Rs 14, 500 per tola since Aug 8 to reach Rs 117, 500, according to the rates issued by the All Sindh Saraf and Jewelers Association till Friday.

Gold price hit record high of Rs 132, 000 per tola on Aug 8 in the country after the gold price climbed to record high in international markets to 2,054 dollars per ounce. Now the gold price have started receding owing to the progress in developing vaccine for coronavirus. The uncertainty of circumstances due to the pandemic had increased the gold prices.

About 10 days ago, Russia claimed to have granted approval to COVID-19 vaccine after two months of human testing.

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