Gold edges higher after a 5-day losing streak

MG News | January 29, 2021 at 06:07 PM GMT+05:00

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January 29, 2021 (MLN): Snapping its five-day losing streak, gold prices edged higher on Friday in domestic bullion market, as the price of 24 karat gold jumped by Rs 500 to Rs 113,450 per tola against the price of Rs 112,950 per tola reported in the previous session.

According to the data provided by the All Sindh Saraf Jewellers Association, the price of 10-gram of 24k gold also surged by Rs 429 and was sold for Rs97,265 at the closing of trade as opposed to Rs 96,836 reported yesterday.

Similarly, the price of silver tola and 10 grams of silver witnessed an increase of Rs 50 and Rs 42.87 to sold at Rs 1,370 and Rs 1,174.55 respectively, the association reported.

In the international market, gold prices witnessed an increase of USD 20 and traded at USD1,862 an ounce as the concerns that US stimulus package could be delayed and doubts over European vaccine supply hurt global equities. Similarly, the price of silver also rose from 25.30 to 27.23 an ounce.

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