Prices of precious metals rise on stimulus hopes



The price of bobbed during the trading week of October 4 to 9, but eventually recorded gain over the review period as optimism over more federal fiscal aid pushed the stock market and gold higher at the end of the week.

The rate publicised by the Federation of Gold and Silver Dealers’ Association (FeNeGoSiDA) shows that gold was priced at Rs 94,500 per tola on Sunday. Its price fell by Rs 400 a tola to be traded at Rs 94,100 per tola on Monday. On Tuesday, bullion price rose by Rs 800 a tola to Rs 94,900 per tola but the gain was wiped out the very next day as gold price fell by Rs 800 a tola to be priced at Rs 94,100 per tola. On Thursday, gold price fell further to Rs 93,900 a tola, down Rs 200 per tola. But on Friday, it more than recovered the earlier losses by jumping Rs 900 a tola to close the week at Rs 94,800 per tola.

The price of the precious yellow metal went up by Rs 300 a tola or 0.32 per cent over the review period. Compared to the closing rate of Rs 94,300 per tola of the previous week, gold price went up by Rs 500 a tola or 0.53 per cent.

In the international market, gold jumped one per cent on Monday on optimism around a US stimulus bill and a weakened dollar, despite gains in the stock markets after reports that US President Donald Trump could soon be discharged from hospital.

Gold prices eased on Tuesday, as equities gained following Trump’s discharge from hospital after treatment for COVID-19, though a softer dollar cushioned bullion’s further decline. Its prices hovered near a one-week low hit in previous session, after the US president halted new stimulus talks, bo

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