Gold rates drop Rs1,200 per tola

KARACHI: Gold prices in the local market dropped by Rs1,200 per tola on Tuesday following a decrease in the international market.

According to All Sindh Saraf Jewellers Association data, gold rates in the local market decreased to Rs241,100 per tola.Similarly, the 10-gram gold price also decreased by Rs943 to Rs206,790.

Gold rates decreased by $12 to $2,337 per ounce in the international market.Silver rates remained unchanged at Rs2,650 per tola. The price of 10-gram silver also stood the same at Rs2,271.94.

Prices in the local market are adjusted by a premium of $20 against rates in the international market. However, local jewellers said prices in the local market were lowered by Rs3,000 per tola, compared with the international market, as purchasing power remained low in the country.