Gold prices fall after Fed holds interest rate low for years

MG News | September 17, 2020 at 05:52 PM GMT+05:00

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September 17, 2020 (MLN): Gold prices dropped on Thursday after Federal Reserve kept interest rate low till 2023. In the international market, gold fell to US $1949 which led to a stronger US dollar.

In line with the global markets, the 24-Karat Gold plunged by Rs 800 to Rs 114,200 per tola in domestic bullion markets. The precious yellow metal of 24-Karat had closed at Rs 115,000 per tola on the last day.

According to the data released by the All Sindh Saraf Jewellers Association, the price of 10-gram gold decreased by Rs 686 to Rs 97,908 against the previous close of Rs 98,594 per-gram.

On the other hand, the price of silver tola and 10-gram silver remained unchanged at Rs 1,320 and Rs. 1,131.68, respectively, the association reported.

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