Gold prices slump by Rs500 to Rs109,350 per tola

July 27, 2021 (MLN): Gold rates tumbled in the local bullion market today as the price of 24 karat per tola gold witnessed a decline of Rs500 and was traded at Rs109,350 in the local market against its sale at Rs109,850 per tola the previous day.

Similarly, the price of 10-gram 24 karat also plunged by Rs450 and was sold at Rs93,750 whereas that of ten-gram 22 karat went down to Rs 85,938, Karachi Sarafa and Jewellers Association reported.

On the other hand, the price of 24-Karat silver per tola and 10-gram silver remained stagnant at Rs1,460 and Rs1,251.71, respectively.

Internationally, the gold prices remained below the mark of $1,800 per ounce on Tuesday, as investors maintained a cautious approach ahead of the Federal Reserve policy meeting and awaited cues on the U.S. central bank's timeline for tightening its monetary policies. The price of gold edged lower by $13 to clock in at $1,796 per ounce, while silver was traded at $25.13 an ounce, the association reported.

Copyright Mettis Link News