ISLAMABAD  - Gold price dropped to multi-month low on Tuesday in the local markets owing to its low rates in the international market.“Gold price in the international markets has witnessed the lowest price in 2012 of around $1556 per ounce which affected the prices in local markets as well”, President Karachi Sarafa Jewellers Association, Haroon Rashid Chand told APP on Tuesday. Haroon Chand said that the price of gold remained around Rs . 53,700 per tola , about Rs 800 lower than the previous day’s (Monday) price of Rs . 54,500 per tola . He said about two weeks before the gold price was Rs . 57,000.“The price may further drop to about $1520 per ounce. However after reaching this lowest level in the current year, the gold price may rebound and will go up”, he added. He said with the drop of gold price, people have started purchasing the gold jewellery which is a good sign for jewellers’ business.