Gold slips as investors focus on Powell’s speech

By MG News | August 26, 2021 at 05:28 PM GMT+05:00

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August 26, 2021 (MLN): After taking a breather yesterday, gold prices on Thursday slid by $4 to $1790 an ounce as investors remained focus on US Federal Reserve Chair Jerome Powell’s speech on Friday at the Jackson Hole symposium that might give an indication about tapering the central bank's bond-buying program.

The white metal was valued at $23.72 an ounce.

Following the international market, the yellow metal also edged lower in domestic markets as the price of 24 karat per tola gold and 10-gram of gold witnessed a decline of Rs200 and Rs171 to close at Rs109,800 per tola and Rs94,136, respectively.

On the other hand, the price of silver also remained static as 24-Karat silver and 10-gram of silver were available at Rs 1,430 per tola and Rs 1,226 respectively, Karachi Sarafa and Jewellers Group reported.

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