Gold price falls to $1931 as dollar strengthens

MG News | August 13, 2020 at 08:28 PM GMT+05:00

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August 13, 2020 (MLN): The volatile ride continued in international markets as gold prices edged lower to $1931. Gold witnessed a worst daily drop of 6% on Tuesday since 2013 due to an intense sell-off.

An increase in US treasury yields helped the dollar to strengthen, increasing the opportunity cost of holding gold.

On the domestic front, the gold price fell by around 0.83% today. During the session, gold plunged by Rs 1,000 to Rs 119,000 per tola in bullion markets. The precious yellow metal of 24-Karat had closed at Rs 120,000 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 witnessed a decrease of Rs 858 to settle at Rs 102,023 against the previous close of Rs 102,881 per-gram.

On the other hand, the silver prices remained stable at Rs 1,470 per tola. Likewise, the price of 10-gram silver remained stagnant at Rs 1,260.28.

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