Gold drops to $1,872 an ounce as US GDP grows by 33% in Q3

By MG News | October 29, 2020 at 08:16 PM GMT+05:00

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October 29, 2020 (MLN): Gold remained under pressure on Thursday as US GDP expanded by 33% in the third quarter. In the international market, gold prices came down by $22 and traded at $1,872 per ounce, while silver was pegged at $22.60 an ounce.

On the domestic front, the price of 24 karat gold plunged by Rs 1,650 to Rs 111, 600 in the bullion market. The precious yellow metal of 24-Karat had closed at Rs 113,250 per tola on the last day.

According to the data released by the All Sindh Saraf Jewellers Association, the price of 10-gram gold also fell by Rs 1,414 to Rs 95,680 against the price of Rs 97,094 reported yesterday.

On a similar note, silver witnessed a decrease in its price. The 24-Karat Silver slid by Rs 30 to Rs 1,170 per tola. Likewise, 10-gram silver dropped by Rs 25.72 to Rs.1,003.08 against the previous close of Rs 1,028.80, the association reported.

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