Gold bulls are back

July 29, 2020 (MLN): The gold market is buzzing on Wednesday as bulls have come back on the trading floors. Gold reached $1,955 per ounce in today’s session, driven by investors seeking safe-haven assets in markets due to rising Coronavirus cases and falling US dollar.

Yesterday, gold hit a record high of $1,980.57 per ounce but later in the session prices retreated as investors booked profits and the dollar bounced back.

The drama continued at the domestic bullion market as well. The price of 24 Karat-Gold increased by Rs 250 to Rs 122,750 per tola. The valuable yellow metal had closed at Rs 122,500 per tola on the previous trading day. 

Similarly, the price of 10-gram gold also gained by Rs 214 to settle at Rs 105,238 against Rs 105,024 on the last trading day.

On the other hand, the demand for silver decreased. According to the Karachi Sarafa Association, the 24 Karat- Silver fell by Rs 30 to clock in at Rs 1,470 per tola.  Moreover, 10-gram silver witnessed a decrease of Rs 25.72 to close at Rs 1,260.28.

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Posted on: 2020-07-29T17:44:00+05:00