Gold price steady, silver shines
Gold price steady, silver shines
Published: 01:00 pm Jul 28, 2019
Kathmandu, July 27 Gold price remained steady in the domestic market during the trading week between July 21 and 26. This week, the price of precious yellow metal did not witness any fluctuation in the domestic market. As per the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), the trading week started with bullion priced at Rs 65,000 per tola on Sunday and its price remained constant till Friday to close the week’s trading at Rs 65,000 a tola. However, gold price fell by Rs 500 a tola in the review period compared to the previous week’s closing rate of Rs 65,500 per tola. According to FeNeGoSiDA, gold price remained steady as the economic indices of the United States remained strong the whole week. “As the economic indices of the US remained strong this week, the gold price dropped in the international market. So, the price in the domestic market also was steady,” as per FeNeGoSiDA. Meanwhile, silver price went up during the review period. As per FeNeGoSiDA, silver was priced at Rs 765 a tola on Sunday and it remained constant till Tuesday. On Wednesday, the price of the grey metal rose by Rs 10 per tola to be traded at Rs 775 a tola. And the price remained constant till Friday to close the week’s trading at Rs 775 per tola. As per FeNeGoSiDA, silver price increased by five rupees a tola in the review period compared to the previous week’s closing rate of Rs 770 a tola. Meanwhile, Reuters reported that gold prices rose on Friday, moving away from a one-week low touched in the previous session, on expectations of monetary policy easing from leading central banks, while investors awaited US economic growth data due later in the day. Likewise, high prices prompted some Asian consumers to sell back physical gold this week in a hunt for profits, with cheaper silver emerging as a preferred investment, Reuters reported.