Gold rates jump to $1,785 an ounce on weak US dollar

MG News | October 21, 2021 at 05:34 PM GMT+05:00

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October 21, 2021 (MLN): Gold rates on Thursday climbed by $4 to reach $1,785 an ounce in the international market on the back decline in the US dollar across the board. In addition, robust US corporate earnings reports also supported yellow metal, weighing adversely on the dollar's demand.

However, gains were limited due to high Treasury yields while silver was traded at $24,28 per ounce.

On the domestic front, the gold price touched a new high today as the price of 24-karat gold soared by Rs2,000 to close the trade at Rs124,200 per tola on Thursday.

According to data provided by Karachi Sarafa and Jewellers Association, the price of 10-gram of 24k gold also jumped by Rs1,714 and was traded at Rs106,481 while the 10gm 22k gold was valued at Rs97,608.

On the other hand, the price of 24-karat silver and 10-gram of 24-karat silver remained unchanged at Rs1,470 and Rs1,260.28, respectively.

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