KARACHI: Gold price dropped by Rs200 per tola in Pakistan.
According to All Sindh Sarafa Jewellers Association (ASSJA), gold prices in the local bullion market dropped by Rs200 per tola to reach Rs130,550, while the price of 10 grams gold decreased by Rs172 to reach Rs111,925.
A day earlier, the precious commodity closed at Rs130,750 per tola and Rs112,097 per 10 grams.
Cumulatively, the yellow metal had gained Rs1,350 per tola in the domestic market during the week that ended March 12.
Accordingly, the gold price for local markets is determined keeping in view its prices in world markets, rupee-dollar exchange rate and its demand and supply in local markets.
In the international market, bullion price dropped by $20 per ounce to settle at $1,966.
Gold rates in Pakistan are around Rs6,000 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,480 per tola and Rs1,268.86 per 10 grams today.
