Kathmandu, December 23

While the downdraft in bitcoin prices in the week between December 17 and 22 funnelled some money into the safe-haven gold market, the demand for the precious yellow metal across major centres in Asia were subdued ahead of the holiday weekend as a modest rebound in prices weighed on investor appetite.

Traders said a firm trend overseas where gold hovered near a two-week high amid a steady dollar and weaker stocks, mainly led to rise in gold prices towards mid-week. However, prices softened at the bullion market towards end of the week as demand from jewellers in India — the second biggest consumer of the precious yellow metal — eased even as the metal strengthened overseas.

In the local market, the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA) had fixed gold price at Rs 54,300 pertola when the market opened for trading on Sunday and its price remained unchanged the next day. On Tuesday, bullion price rose by Rs 300 atolato be traded at Rs 54,600 pertolaand remained stable on Wednesday. The price of the yellow metal edged up by Rs 100 atolato be traded at Rs 54,700 pertolaon Thursday, but annulled the gain the very next day by dipping Rs 100 atolato close the week at Rs 54,600 pertola.

Similarly, FeNeGoSiDA had set trading rate for silver at Rs 715 atola. The grey metal edged up by five rupees pertolato be priced at Rs 720 atolaon Monday and remained the same for the next two days. On Thursday, silver price went up by five rupees pertolato Rs 725 atola. On Friday, however, it softened by five rupees atolaagain to end the week at Rs 720 pertola.