Gold continues to fall to $1,800 an ounce

By MG News | September 08, 2021 at 05:23 PM GMT+05:00

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September 8, 2021 (MLN): Following yesterday's losing momentum, gold rates on Wednesday fell by $12 to reach $1,800 an ounce as a stronger dollar made the yellow metal more expensive for other currency holders while investors waited for a European Central Bank’s meeting where it is likely to debate about its tapering strategy.

On the domestic front, gold prices dipped in the bullion market as the price of single-tola 24 karat gold dented by Rs500 to Rs111,500 from Rs112,000 recorded on Tuesday, Karachi Sarafa Association reported.

Similarly, the price of 10-gram of 24-karat gold also dropped by Rs429 to Rs95,593 against the price of Rs96,022, while 10-gm 22 karat gold traded at Rs87,626.

However, the price of per tola and 10-gram silver remained stable at Rs1,430 and Rs1,226 respectively.

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