Gold falls to $1894 an ounce owing to stronger US dollar

October 28, 2020 (MLN): Gold edged lower on Wednesday due to a strong pickup in demand for US Dollars that exerted pressure on the dollar-denominated commodity. In the international market, gold prices came down by $9 and traded at $1,894 per ounce, while silver was pegged at $24.04 an ounce.

On the domestic front, the price of 24 karat gold plunged by Rs 1,250 to Rs 113,250 in the bullion market. The precious yellow metal of 24-Karat had closed at Rs 114,500 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 1,071 to Rs 97,094 against the price of Rs 98,165 reported on Monday.  

On a similar note, silver witnessed a decrease in its price. The 24-Karat Silver slid by Rs 30 to Rs 1,200 per tola. Likewise, 10-gram silver dropped by Rs 25.72 to Rs.1,037.38 against the previous close of 1,063.10, the association reported.

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