Gold price falls as US stimulus hopes fade

MG News | October 22, 2020 at 05:14 PM GMT+05:00

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October 22, 2020 (MLN): Gold prices fell on Thursday as market expectations for a US stimulus package ahead of the presidential elections faded, resulting in a stronger US dollar. In the international market, gold edged lower by US $2 and traded at US $1,916 per ounce while silver was pegged at US $24.86 an ounce.

On the domestic front, the price of 24 karat gold also decreased by Rs.500 to Rs.115,700 in the domestic bullion market. The precious yellow metal of 24-Karat had closed at Rs.116,200 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 dropped by Rs.429 to Rs.99,194 against the price of Rs.99,623 reported yesterday.

On a similar note, silver witnessed a decrease in its price. The price of per tola silver of 24 Karat was recorded at Rs. 1240. Likewise, 10-gram silver edged lower by Rs.8.57 to Rs.1,063.10 against the previous close of Rs.1,071.67, the association reported.

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