Gold prices drop to Rs1,200 per piece

KARACHI: Gold prices has dropped by Rs1,200 to Rs86,600 per tola in the local market on Saturday.

According to details, the per tola rate of the precious yellow metal dipped to Rs86,600 from Rs87,700. The price of 10 grams of gold fell by Rs1,028 to Rs74,245.

The decline in domestic gold rates is attributed to the global price of yellow metal witnessing a drop of $17/ ounce and settling at $1,489.

The per tola price of gold slashed by Rs300 and was traded at Rs 87,700 the other day. The price of 10-gram gold also witnessed a decrease of Rs 256 and was traded at Rs 75,531.

The price of silver bounced by Rs 20 and was traded at Rs 1110 against Rs 1090 per tola and that of 10-gram silver gained Rs 17.14 and was traded at Rs 951.64 against Rs 934.50 of last day. Earlier on Friday, the price of gold had dropped by Rs 300, the price of gold rose by Rs 800 per towel.