Price of precious metals surges significantly

price-of-precious-metals-surges-significantly

, NOVEMBER 7

The price of surged in the trading week between November 1 and 6 as investors reaped the benefits of a lower US dollar in an uncertain environment, where markets are betting on a Biden win in the US presidential election.

According to the price rate of Federation of Gold and Silver Dealers’ Association (FeNe- GoSiDA), gold was traded at Rs 95,000 per tola on Sunday and its price remained unchanged the next day. On Tuesday, the bullion price rose by Rs 400 a tola to Rs 95,400 per tola and surged by Rs 900 a tola to Rs 96,300 per tola on Wednesday. On Thursday, however, the price of the precious yellow metal dipped by Rs 100 a tola to be traded at Rs 96,200 per tola.

Then on Friday, soared by Rs 1,000 a tola to close the trading week at Rs 97,200 per tola.

The bullion price went up by Rs 2,200 a tola or 2.31 per cent over the review period.

According to Reuters, gold prices rose in the international markets on Monday as investors remained nervous ahead of the US presidential election on November 3 and as a surge in COVID-19 cases and renewed lockdowns in some countries increased uncertainty about the global economic outlook.

Then on Tuesday, gold prices held steady as a jump in riskier assets offset the impact of strict lockdowns across Europe and markets are wary while awaiting results of the US presidential election.

Gold fell more than one per cent on Wednesday as the dollar emerged as the favoured safe haven from a much closer US presidential race than investors expe


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