Kathmandu, August 17

Gold price reached a new high of Rs 71,500 per tola in the trading week between August 11 and 16.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), the market opened on Sunday with bullion price fixed at Rs 70,000 per tola and the price remained steady on Monday. On Tuesday, price of the bullion surged by Rs 1,000 a tola to Rs 71,000 per tola.

However, the price of the yellow metal went down by Rs 700 per tola on Wednesday to be traded at Rs 70,300 a tola. On Thursday, however, gold price again went up by Rs 1,200 per tola to a new peak of Rs 71,500 a tola and the price remained constant on Friday. Gold price went up by Rs 1,500 per tola in the review period compared to the previous week’s closing rate of Rs 70,000 a tola.

Meanwhile, silver price was fixed at Rs 825 per tola on Sunday and

remained constant the next day. On Tuesday, its price went up by Rs 10 a tola to Rs 835 per tola. However, on Wednesday, the price of the grey metal went down by Rs 15 a tola to be traded at Rs 820 per tola.

On Thursday, silver price again went up by Rs 20 per tola to Rs 840 a tola and remained constant on Friday.Silver price went up by Rs 15 a tola in the review period compared to the previous week’s closing rate of Rs 825 per tola.

As per FeNeGoSiDA, the ongoing trade war between the United States and China, the conflict between the US and Iran as well as the central banks across the world stocking up on gold are some of the major reasons behind the increasing price of bullion.

As reported by Reuters, high prices prompted Asian consumers to sell back physical gold this week to lock in profits, though price dips still attracted buying as economic jitters burnished the metal’s appeal as a haven from risk. In top gold consumer China, premiums eased slightly to $6 to $9 per ounce over the benchmark, from $9 to $10 last week.

In India, demand remained subdued as domestic prices soared, tracking gains in overseas markets and a weak Indian rupee. Gold futures hit a record high of INR 38,666 per 10 grams earlier this week, Reuters said.