Gold loses shine amid rising US bond yields

February 26, 2021 (MLN): Gold rates extended decline today, as the per tola price of 24 karat gold in the domestic bullion market dipped by Rs 1,050 and was sold at Rs 109, 250 against the sale at Rs 110,300 reported yesterday.

 Likewise, 10-grams of 24 karat gold also witnessed a fall of Rs 900 to settle at Rs 93,664 as opposed to the previous close of Rs 94,564, data provided by All Sindh Sarah Jewellers Association revealed.

On a similar note, per tola price of 24-karat silver slid by Rs 20 and was traded at Rs 1,400 against its sale at Rs 1,420 while that of 10-gram silver fell by Rs 17.15 and was traded at Rs 1, 200.27 against Rs 1,217.42.

In the international market, rising US bond yields have hurt the demand for safe haven, as gold price fall by USD 26 and were available at USD 1,764 per ounce against USD 1,790 an ounce in the previous session, while silver was valued at Rs 29.90 an ounce, the association reported.

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