KATHMANDU, MAY 6

The prices of yellow metal and silver increased in the trading week between April 30 and May 5.

In the domestic market, gold price increased by Rs 1,600 per tola, while that of silver rose by Rs 30 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 109,200 per tola when the market opened for trading on Sunday and it fell by Rs 200 a tola on Monday. Its price decreased by Rs 100 per tola on Tuesday before soaring by Rs 1,700 a tola on Wednesday. On Thursday, gold price surged further by Rs 1,100 per tola to record high of Rs 111,800 a tola. Gold price was not revised on Friday as the market remained closed in celebration of Buddha Jayanti.

Meanwhile, silver was traded at Rs 1,415 per tola on Sunday and its price remained unchanged on Monday. The price of the grey metal decreased by Rs 10 a tola on Tuesday before increasing by Rs 20 per tola on Wednesday. The price of silver went up by Rs 20 a tola on Thursday to rest at Rs 1,445 per tola for the week.

According to international news agencies, gold beat a fast retreat on Friday after stronger-than-expected US payrolls data tempered expectations of interest rate cuts from the Federal Reserve.

Meanwhile, the latest quarterly demand trends report published by the World Gold Council (WGC) shows that global gold demand fell in the first three months of 2023 as large purchases by central banks and Chinese consumers were offset by reduced investor buying. Total demand was down 13 per cent compared to the demand in the corresponding period of the previous year, as per the WGC.

A version of this article appears in the print on May 7, 2023, of The Himalayan Times.