Kathmandu, April 21

The price of precious metals rallied in the domestic market in the week between April 15 and 20 on a strong technical outlook and weakening US dollar.

Continued softness in the dollar along with rising inflation in the world’s largest economy bolstered the bullion as it is considered a safe haven investment. International media has reported  that the strong physical gold demand and weaker dollar are major reasons behind the bullion market rally in review week.

In the domestic market, the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA) had fixed price of gold at Rs 58,600 per tola on Sunday. The price of the precious yellow metal edged up on Monday by Rs 200 a tola to be traded at Rs 58, 800 per tola and remained the same on Tuesday. The price of the yellow metal jumped up again by Rs 200 per tola on Wednesday to be fixed at Rs 59,000 a tola. On Thursday, gold price further surged by Rs 300 a tola to be traded at Rs 59,300 per tola, which was a recent high in the domestic market. Gold price, however, dropped marginally by Rs 100 per tola to settle at Rs 59,200 a tola on Friday — last trading day of the week.

Similarly, FeNeGoSiDA had set trading rate of silver at Rs 750 per tola on Sunday. Price of the white metal increased Rs five a tola on Monday to be traded at Rs 755 per tola and remained unchanged on Tuesday. On Wednesday, silver price rose by five rupees a tola to be traded at Rs 760 per tola. On Thursday, the price of the white metal jumped up by a whopping Rs 20 a tola to be priced at Rs 780 per tola and its price remained unchanged on Friday.