Gold drops by Rs800/tola

KARACHI: Gold prices in the local market dropped by Rs800/tola on Wednesday. According to All Sindh Saraf Jewellers Association data, gold rates in the local market moved down to Rs227,300/tola. Similarly, the price of 10 gram gold also decreased by Rs686 to stand at Rs194,873. Gold rates decreased by $3 to close at $1,961/ounce in the international market. Silver rates decreased by Rs50 to close at Rs2,600/tola. The price of 10 gram silver also fell by Rs42.86 to end at Rs2,229.08. Local jewellers claimed that gold prices in the local market remained lower by Rs4,000/tola as compared with the rates in the Dubai gold market.