Gold extends losses for third straight day

August 12, 2020 (MLN): Precious metal prices fell for the third straight day on Wednesday. Gold which was touching new highs last week has started to falter following global markets.

In domestic markets, gold price dropped by around 5% today. During the session, gold plunged by Rs 6,100 to Rs 120,000 per tola in bullion markets. The precious yellow metal of 24-Karat had closed at Rs 126,100 per tola on the last day.

According to the Karachi Sarafa Association, the price of 10-gram gold also witnessed a decrease of Rs 5,229 to settle at Rs 102,881 against the previous close of Rs 108,110 per-gram.

On a similar note, the silver prices declined by Rs 200 to Rs 1,470 per tola after a stable previous session. Likewise, the price of 10-gram silver was recorded at Rs 1,260.28, down by Rs 171.47 compared to yesterday’s close of Rs 1,431.75.

In international markets, gold prices fell to $1,933 an ounce as US bond yields improved and the dollar recovered. The silver also slid to $25.66 per ounce.

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