According to the All Pakistan Gem Merchants and Jewellers Association (APGMJA), the price of gold had increased by Rs1,200 to Rs253,500 per tola a day earlier.

The drop in gold prices in the global market caused the gold prices in the local market to drop, the APGMJA said.

On the other hand, the prices of petrol and high-speed diesel have been decreased by Rs6.17 and Rs10.86 per litre respectively after the approval from Prime Minister Shehbaz Sharif.

Before the decrease, petrol was selling at Rs275.60 per litre and diesel at Rs284 per litre. After the new prices, petrol will now sell at Rs269.43 and diesel at Rs272.77 per litre effective from August 1.

After approval, a notification has been issued by the Finance Ministry.

The government decided to decrease the prices of petroleum products as the oil prices in the international market had decreased by $2 to $3 per barrel during the last 15 days.

According to the authorities, the average price of petrol in the international market decreased from $89.50 to $87.50 per barrel and that of diesel from $96.93 to $94 per barrel.