Gold rates drop Rs6,200 per tola

KARACHI: Gold market is witnessing heavy fluctuations as prices in the local market dropped by Rs6,200 per tola on Thursday following a decrease in the international market.

According to All Sindh Saraf Jewellers Association data, gold rates in the local market decreased to Rs242,000 per tola.Similarly, the 10-gram gold price also decreased by Rs5,315 to Rs207,476.Gold rates decreased by $60 to $2,355 per ounce in the international market.

Silver rates decreased by Rs50 to Rs2,800 per tola. The price of 10-gram silver also dropped by Rs42.87 to Rs2,400.54.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 Rs4,000 per tola, compared with the international market, as purchasing power remained low in the country.