Gold prices drop Rs1,200 per tola

KARACHI: Gold prices in the local market dropped by Rs1,200 per tola on Thursday.

According to All Sindh Saraf Jewellers Association data, gold rates in the local market decreased to Rs240,700 per tola.Similarly, the 10-gram gold price also decreased by Rs1,029 to Rs206,361.Gold rates increased by $2 to $2,315 per ounce in the international market.

Silver rates remained unchanged at Rs2,750 per tola. The price of 10-gram silver also stood the same at Rs2,357.68.Prices in the local market are adjusted by a premium of $20 against rates in the international market.Local jewellers claimed that gold prices were kept lower by Rs1,500 than the international market due to the weak purchasing power in the country.