KATHMANDU, OCTOBER 22

The price of precious metals increased in the trading week between October 16 and 22. In the domestic market, gold price increased by Rs 900 per tola, while silver gained Rs 55 a tola during the review week.

According to the rate list of Federation of Nepal Gold and Silver Dealers' Association (FeNeGoSiDA), gold price was fixed at Rs 93,100 per tola when the market opened for trading on Sunday. Its price inclined by Rs 200 a tola to Rs 93,300 per tola on Monday. The price of precious yellow metal rose by Rs 100 a tola on Tuesday before falling by Rs 200 per tola on Wednesday. Its price fell again on Thursday by Rs 100 a tola before dropping by Rs 600 per tola on Friday. The precious yellow metal surged by Rs 1,500 a tola today to settle the trading week at Rs 94,000 a tola.

Meanwhile, silver was traded at 1,160 per tola on Sunday and its price was stable on Monday. The price of grey metal increased by Rs 20 a tola on Tuesday, as per FeNe- GoSiDA. The price of grey metal declined by five rupees per tola on Wednesday to Rs 1,175 a tola before decreasing to Rs 1,170 per tola on Thursday. Silver prices remained unchanged on Friday but rose by Rs 45 a tola today to settle the week at Rs 1,215 per tola.

Gold prices were on track to gain for the week, rising over one per cent on Friday as dollar weakened amid reports of a potential debate amongst US Federal Reserve officials about the pace of rate hikes.

According to Reuters, Asian demand for physical gold picked up pace this week as some consumers bought into a retreat in domestic prices to a near one-month low ahead of the Dhanteras and Diwali festivals.

A version of this article appears in the print on October 23, 2022 of The Himalayan Times.