Price of precious metals rises

price-of-precious-metals-rises

, JANUARY 9

Despite staging a sharp U-turn and closing the week with heavy losses, the bullish momentum in the first half of the week propped up the price of precious metals in the trading week between January 3 and 8.

According to the rate list of the (FeNeGoSiDA), gold was traded at Rs 94,500 per tola on Sunday.

Its price went up by Rs 800 a tola to Rs 95,300 per tola on Monday, surged by Rs 1,100 a tola to Rs 96,400 per tola on Tuesday, and rose by Rs 300 a tola to Rs 96,700 per tola on Wednesday.

On Thursday, however, bullion price slumped by Rs 1,300 a tola to Rs 95,400 per tola and fell by Rs 100 a tola on Friday to close the trading week at Rs 95,300 per tola.

The price of the precious yellow metal went up by 0.85 per cent or Rs 800 a tola during the review week.

In the international markets, gold began the new year by climbing two per cent on Monday, as the dollar slid to 2018 lows and prospects of tougher restrictions to combat a new variant of the coronavirus kept safe-haven bullion in demand.

Gold hit a two-month high on Tuesday, buoyed by a weaker dollar and growing concerns about COVID-19 as investors awaited outcome of US Senate runoff elections in Georgia that could impact prospects for more fiscal stimulus.

Bullion price tumbled on Wednesday, hit by r


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