Gold prices drop Rs1,200 per tola

KARACHI: Gold prices decreased by Rs1,200 per tola on Wednesday in the local market following a decline in the international market.

The All Pakistan Sarafa Gems and Jewellers Association said that 24-karat gold rates reached Rs498,962 per tola.

Similarly, the price of 10-gram gold dropped by Rs1,029 to Rs427,779.Gold rates decreased by $12 to $4,766 per ounce in the international market. Prices in the local market are adjusted by a premium of $20 against rates in the international market.Silver rates decreased by Rs34 to Rs8,324 per tola. Similarly, 10-gram silver rates also dropped by Rs29 to Rs7,136.