Gold rates drop Rs1,600 per tola

KARACHI: Gold prices in the local market dropped by Rs1,600 per tola on Saturday despite an increase in the international market.

According to All Sindh Saraf Jewellers Association data, gold rates in the local market decreased to Rs238,000 per tola.

Similarly, the 10-gram gold price also decreased by Rs1,257 to Rs204,047.

Gold rates increased by $4 to $2,301 per ounce in the international market.

Silver rates remained unchanged at Rs2,620 per tola. The price of 10-gram silver also stood the same at Rs2,246.22.

Prices in the local market are adjusted by a premium of $20 against rates in the international market.

However, one spokesperson of the Saraf association said that prices in the local market were lowered by Rs2,000 per tola, compared with the international market, as purchasing power remained low in the country.