Gold drops to $1896 an ounce owing to stronger US dollar

October 15, 2020 (MLN): Gold prices declined on Thursday on the back of a stronger US dollar. In the international market, the gold price fell by $4 and was traded at $1896, while silver stood at $23.90 an ounce.

In the domestic bullion market, the price of 24 Karat gold decreased by Rs 500 to Rs 115,600. The precious yellow metal of 24-Karat had closed at Rs 116,100 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 witnessed a decrease of Rs 429 to settle at Rs 99,108 against the previous close of Rs 99,537 per-gram.

On a similar note, silver witnessed a decrease in its price. The 24-Karat Silver edged lower by Rs 70 to Rs 1,260 per tola. Likewise, the price of 10-gram silver was recorded at Rs 1080.24, down by Rs 60.02 compared to a prior close of Rs 1,140.26, the association reported.

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Posted on: 2020-10-15T18:00:00+05:00