Gold prices decrease Rs3,000 per tola

KARACHI: Gold prices in the local market dropped by Rs3,000 per tola on Friday.According to All Sindh Saraf Jewellers Association data, gold rates in the local market decreased to Rs251,000 per tola.

Similarly, the 10-gram gold price also decreased by Rs2,572 to Rs215,192. Gold rates decreased by $55 to $2,415 per ounce in the international market.Silver rates decreased by Rs50 to Rs2,850 per tola. The price of 10-gram silver also dropped by Rs42.87 to 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 lowered by Rs1,600 per tola compared with the international market because of the weak purchasing power in the country.