Gold rates drop Rs500 per tola

KARACHI: Gold prices in the local market dropped by Rs500 per tola on Tuesday following a decline in the international market.

According to All Sindh Saraf Jewellers Association data, gold rates in the local market decreased to Rs240,000 per tola. Similarly, the 10-gram gold price also decreased by Rs429 to Rs205,761.

Gold rates decreased by $5 to $2,317 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 weak in the country.