Hopes of COVID vaccine weigh on gold, silver

hopes-of-covid-vaccine-weigh-on-gold,-silver

, NOVEMBER 21

The price of the precious metals edged lower as the domestic market resumed trading after the Tihar holidays.

According to the rate list of the (FeNeGoSiDA), was priced at Rs 95,100 per tola when the market resumed trading after the second biggest festival in the country.

Bullion price slumped by Rs 700 a tola on Thursday to be traded at Rs 94,400 per tola and fell by Rs 400 a tola on Friday to close the week at Rs 94,000 per tola.

The price of the precious yellow metal fell by Rs 1,100 a tola or 1.16 per cent in the review period.

The international marketplace is presently grappling with the spectre of a COVID-19 vaccine coming to the public over the next few months that will likely give economies a strong boost, while at the same the pandemic continues to rage in many areas around the globe, including the United States and parts of Europe.

Gold retreated more than one per cent on Monday after drugmaker Moderna declared an effective COVID-19 vaccine in tests, bolstering hopes for a swifter economic recovery and accelerating a shift into riskier assets.

On Tuesday, the bullion inched lower as optimism over an effective COVID-19 vaccine offset concerns facing its eventual rollout, a subdued dollar and bets for further monetary support as infections surged in Europe and the United States.

Gold slipped on Wednesday on m


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