The price of gold in Sarafa Bazaar has fallen significantly after the government's action against the black mafia involved in the illegal trading of precious yellow metal.
According to the 24News HD TV channel, the latest rate issued on Thursday, the per tola price of fine gold of 24 karats was Rs1,88,000, down by Rs27,000 from the previous rate of Rs2,15,000 on September 12 this year.
The price of 10 grams of pure gold of 24 karats also decreased by Rs24,715 and reached Rs1,60,400.
The global exchange market also witnessed a decline in gold prices, as the price of gold per ounce dropped by US$12 to US$1814.
The bullion market, which had suspended issuing gold rates since September 12 due to the crackdown in Pakistan, announced that it would resume issuing formal rates from Monday.
All Pakistan Gems and Jewellers Association President Haji Haroon Chand said that the action against the black mafia had restored confidence in the legal gold trade and reduced the speculative activities that had inflated the gold prices.

Reporter: Ashraf Khan