Gold price surges to Rs 123,500 per tola

July 31, 2020 (MLN): Rising tension between Beijing and Washington, the hope of more stimulus measures on hold, falling US dollar, and an increase in cases of coronavirus across the world have kept gold demand high.

In global markets, the gold price resumed its ascent and reached $1975 an ounce after taking a breather in the last trading session. Similarly, the other precious metal, silver also surged to $ 24.07 per ounce.

Precious metals rebounded today in the domestic bullion market after a stable previous session, in line with a rally in global markets. The price of 24 Karat-Gold increased by Rs 750 to Rs 123,500 per tola. The valuable yellow metal had closed at Rs 122,750 per tola on the previous trading day. 

The price of 10-gram gold also gained by Rs 643 to settle at Rs 105,881 against the previous close of Rs 105,238 per 10-gram.

On a similar note, the 24 Karat- Silver edged higher by Rs 80 to clock in at Rs 1,500 per tola.  Moreover, 10-gram silver witnessed an increase of Rs 68.58 to close at Rs 1,286 as per the Karachi Sarafa Association.

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