Gold declines, silver stays steady


, January 18

The price of gold declined while that of silver remained steady in the domestic market during the between January 12 and 17.

According to the Federation of Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 75,000 per tola on Sunday and declined by Rs 200 per tola on Monday to be traded at Rs 74,800 a tola. On Tuesday, gold price further dropped by Rs 800 a tola to reach Rs 74,000 per tola.

As per FeNeGoSiDA, price of the yellow metal declined in the domestic market after the conflict between Iran and the United States calmed down.

Moreover, the strengthening US dollar also caused gold price to decline in the domestic market.

However, on Wednesday, price of the bullion went up by Rs 700 per tola to be traded at Rs 74,700 a tola and it remained constant on Thursday. On Friday, gold price rose by Rs 100 a tola to close the trading week at Rs 74,800 per tola. According to Reuters, gold edged higher on Friday but was on track to post its first weekly decline in six as solid Chinese data and a preliminary United States-China trade deal improved risk appetite

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