Precious metals jump on dollar retreat

precious-metals-jump-on-dollar-retreat

, OCTOBER 3

The price of edged higher in the trading week between September 27 and October 3 buoyed by a softer dollar, with investors in the international markers focusing on the first US presidential debate and renewed hopes for a new round of fiscal stimulus from Washington to support the virus-stricken .

The price of the precious metals in the domestic market is governed by its rates in the international markets.

According to the rate publicised by the Federation of Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was priced at Rs 93,300 per tola on Sunday and was traded at the same rate the next day. On Tuesday, bullion price appreciated by Rs 900 a tola to be priced at Rs 94,200 per tola. The price of the precious yellow metal went up by Rs 500 a tola to Rs 94,700 per tola on Wednesday.

However, dropped by Rs 200 a tola each day for the next two days, to be priced at Rs 94,500 per tola on Thursday and Rs 94,300 a tola on Friday.

While the bullion price rose by 1.07 per cent or Rs 1,000 a tola during the review period, its price went up by 0.42 per cent or Rs 400 per tola compared to the closing rate of Rs 93,900 a tola in the previous week.

Most analysts see gold prices pushing higher in coming week as it appears the market has ca


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