Gold rates drop Rs700/tola

KARACHI: Gold rates in the local market fell by Rs700 per tola on Friday.

According to data released by All Sindh Saraf Jewelers Association, gold rates in the local market moved down to Rs118,300 per tola. Similarly, the 10-gram gold price dropped by Rs600 to Rs101,423. In the international market, gold rates decreased by $20 to $1,780 per ounce.

Silver rates stood unchanged at Rs1,430 per tola. The price of 10-gram silver also remained the same at Rs1,226.

Local jewelers claimed that rates in the local market remained lower by Rs1,000 per tola, compared with prices in the Dubai gold market.