Gold price plummets as US treasury yields soar

March 31, 2021 (MLN): A persistent increase in U.S. Treasury yields amid US economic recovery and higher inflation expectations encouraged sell-off around the bright metal. Further, broad-based US dollar strength also weighed negatively on the precious yellow metal. In the international market, gold prices weakened by USD 42 and traded at USD 1,685 per ounce, while silver was valued at 24.08 an ounce.

On the domestic front, the price of 24 karat gold also plunged by Rs 2,800 to Rs 102,900 per tola. Likewise, the price of 10-gram gold also witnessed a decrease of Rs 2,401 to settle at Rs 88,220 against the previous close of Rs 90,621per-gram.

According to the data provided by the All Sindh Saraf Jewellers Association, the price of 24-karat silver edged lower by Rs 40 to Rs 1,320 per tola. Similarly, the price of 10-gram silver was recorded at Rs 1,131.68, down by Rs 34.30 compared to yesterday’s close of Rs 1,165.98 per gram.

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