October 29, 2021 (MLN): Gold rates dropped on Friday as the US dollar strengthened while investors' focus shifted to the upcoming Fed’s policy meeting for further guidance due to high inflation expectations. The price of gold in the international market decreased by $8 to $1794 an ounce while silver was valued at $24 per ounce.
In line with the global market, the price of gold plunged in the domestic bullion market for the third straight session as the price of 24-karat gold fell by Rs2,050 to close at Rs118,600 per tola.
According to data provided by Karachi Sarafa and Jewellers Association, the price of 10-gram of 24k gold also tumbled by Rs1,758 and was traded at Rs101,680 while the 10gm 22k gold was valued at Rs93,207.
Similarly, the price of 24-karat silver and 10-gram of 24-karat silver also dropped by Rs20 and Rs17.15 to stand at Rs1,440 and Rs1,234.56, respectively.
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