Gold prices drop Rs500 per tola

KARACHI: Gold prices in the local market dropped by Rs500 per tola on Tuesday.According to All Sindh Saraf Jewellers Association data, gold rates in the local market decreased to Rs241,500 per tola.

Similarly, the 10-gram gold price also decreased by Rs429 to Rs207,047.Gold rates decreased by $2 to $2,326 per ounce in the international market.Silver rates remained unchanged at Rs2,850 per tola. The price of 10-gram silver also stood the same at Rs2,443.41.

Prices in the local market are adjusted by a premium of $20 against rates in the international market.Local jewellers claimed that gold rates in the local market were undervalued by Rs1,500 per tola compared with the international market because of the weak purchasing power in the country.