KARACHI: The local gold prices saw a sizeable drop on Saturday following a downtrend in the global rates sliding to $2, 650 per ounce, traders said.

At the week close, the precious metal lost Rs1, 100 and Rs943, selling for Rs276, 200 per tola and Rs236, 797 per 10 grams, respectively.

Gold billion value declined by $11, trading at $2, 650 per ounce on the international market with silver standing at $31 per ounce.

Locally, silver prices held steady at Rs3, 400 per tola and Rs2, 914.95 per 10 grams, All Sindh Saraf Jewellers Association said.

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