KARACHI, MARCH 12 (DNA) : Gold rates in the domestic market registered a drop of Rs600 per tola on Thursday.

According to details, per tola price of the precious yellow metal decreased to Rs94,400 while the price of 10 grams was reduced by Rs514 to Rs80,932.

Gold inched up on worries about the economic impact of the coronavirus outbreak as the United States suspended travel from virus-hit Europe, although gains were capped as traders covered margin calls after a plunge in, equities.

Spot gold rose 0.2% to $1,637.33 per ounce by 0658 GMT. U.S. gold futures fell 0.3% to $1,637.20.

Earlier on March 9, Per tola price of yellow metal decreased to Rs94,400 while that of 10 grams by Rs342 to Rs80,932.

In the global market, gold prices rose above the $1,700 per ounce level today for the first time in more than seven years, after a stock market rout due to concerns over a widening coronavirus outbreak and its economic impact drove investors towards safe-haven assets.