Price of precious metals dips
Price of precious metals dips
Published: 11:05 am Apr 01, 2018
Kathmandu, March 31 The price of precious metals, which had traded higher in the beginning of the week gradually fell towards the end of the week in the period between March 25 and 30. “The main reasons for the price fluctuations were due to drop in joblessness rate and improvement in collective profit,” the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA) said in a statement. According to the federation, analysts say the market continues to be unstable, which means the price of precious metals could see fluctuations in the coming week as well. FeNeGoSiDA had set the rate for gold at Rs 58,500 per tola when the market opened for trading on Sunday. Its price remained stable for the next two days. Thereafter, the price of the precious yellow metal spiralled downwards — dropping by Rs 200 a tola to Rs 58,300 per tola on Wednesday, falling by Rs 300 a tola to Rs 58,000 per tola on Thursday and down Rs 200 a tola to Rs 57,800 per tola on Friday. Similarly, FeNeGoSiDA had fixed the rate of silver at Rs 745 a tola. Its price was unchanged for the next three days. However, on Thursday, the price of the grey metal dipped by five rupees per tola to Rs 740 a tola and was stable the next day. Gold prices slipped towards the end of the week as the US dollar held its strong gains from the previous session, but simmering tensions over Russia and a potential trade war offered underlying support, international news media reported. During the week, South Korean officials said that North Korea and South Korea will hold their first summit in more than a decade on April 27. Moscow threatened to retaliate after the United States and other western countries expelled more than 100 Russian diplomats over the poisoning of Russian former double agent Sergei Skripal and his daughter in England with a military-grade nerve toxin. “Concerns about a global trade war have eased but that does not mean it is over,” Reuters quoted Brian Lan, managing director at dealer GoldSilver Central in Singapore, as saying.