Gold reaches a new high of $2,041 an ounce

August 5, 2020 (MLN): Gold prices jumped to a new high on Wednesday, pushing further past the $2,000 an ounce amid weaker US dollar, falling Treasury bond yields and expectations of more stimulus package for the pandemic-devastated global economy. 

Gold has rallied on an account of high uncertainty about the long-term effects of the global health crisis. In international market, gold prices climbed to a record high of $2,041 per ounce as US bonds yields hit new lows. Gold prices have surged more than 33 percent this year. Likewise, the other precious metal, silver, surged to $26.80 per ounce. 

On the domestic front, Gold prices scaled a new high of Rs 128,700 per tola, up by Rs 4,800 in line with the global rally. The valuable yellow metal had closed at Rs 123,900 per tola on the previous day. 

The price of 10-gram gold also resumed its ascent and settled at Rs 110,340 against the previous close of Rs 106,224 per 10-gram.

The white precious metal rebounded today in the domestic market after a stable previous session. The 24 Karat- Silver gained by Rs 130 to clock in at Rs 1,630 per tola.  Moreover, 10-gram silver witnessed an increase of Rs 111.46 to close at Rs 1,397.46, as per the Karachi Sarafa Association.

Copyright Mettis Link News