Gold price on Wednesday dropped by Rs 500 to Rs 61, 000 per tola on the local market after the global market went down by $40 an ounce, traders said. Gold price of 10-gram also receded by Rs 343 to Rs 52, 285 from Rs 52, 628. On the global market, the yellow metal price was quoted $1844 an ounce down from $1881, traders said.