Gold loses lustre, silver stable

Gold price tumbled by Rs 700 per tola, while silver remained stable in the trading week of July 10 to 15. Gold prices fell in the international market by the end of the week on a firmer dollar and surging Asian shares, as per Reuters. Investors lured towards gold as safe investment haven due to Brexit scare started selling bullion to reap benefits of the higher rate as the Bank of England announced it was holding the current interest rate. Prices of the precious metals in the domestic market are governed by the rates set in the international market. The market opened on Sunday with gold price fixed at Rs 59,000 per tola. Price of the precious yellow metal remained unchanged till Tuesday. Gold price slumped marginally by Rs 200 a tola on Wednesday to be traded at Rs 58,800 per tola and continued its free fall till Friday. The precious yellow metal further tumbled by Rs 100 per tola on Thursday to be fixed at Rs 58,700 a tola. Gold price dipped to a two-week low as it plunged by Rs 400 per tola in a single day on Friday to settle at Rs 58,300 a tola. Meanwhile, price of silver remained stable over the week. The market opened on Sunday with silver price fixed at Rs 905 per tola. However, price of the white metal increased by Rs 10 a tola in a single day on Monday and was traded at Rs 915 a tola. Its price remained stable till Wednesday. Silver price, however, slumped by five rupees per tola on Thursday to be fixed at Rs 910 a tola. The price of the white metal continued its free fall on Friday by shedding another five rupees a tola to settle at Rs 905 per tola — the same level as on Sunday. Source: THT