Kathmandu, April 12:

Gold price started picking up again this week as global oil price touched $110 per barrel and American dollar remained weak.

Gold price touched Rs 19,550 per 10 gram — Rs 22,803 per tola (11.664 gram) — in the domestic market on Friday, the closing day of the week.

According to Nepal Gold and Silver Dealers’ Association’s (NEGOSIDA), the price of precious yellow metal has gone up due to weakening of dollar.

“The price rise in global crude prices that touched $110 per barrel that was $903 last Friday, slow down of US economy, weak global stock market and further weakening of dollar has pushed the price of gold up,” says NEGOSIDA.

The precious yellow metal in the local bullion market opened at Rs 19,250 per 10 gram on

Sunday and surged by Rs 300 to Rs 19,550 on Friday at the closing. On Monday the price saw a growth of Rs 40 only but it flared by Rs 170 to Rs 19,460 per 10 gram on Tuesday.

However, the market remained closed on Wednesday and Thursday due to Constituent Assembly elections holidays.

Similarly, silver price has also witnessed a bullish trend this week. It increased by Rs 4.50 to close at Rs 386 per 10 gram on Friday from the opening price of Rs 381.50

on Sunday, in the domestic market. The price of silver witnessed a steep rise this week by Rs 2.50 on Monday, Rs 2 on Tuesday, and closes at Rs 386 on Friday.

IMF to sell 400-t of gold

WASHINGTON: The International Monetary Fund (IMF) has proposed the sale of 403.3 tonnes of gold to bolster its sagging coffers as part of a critical financial overhaul.

The sale, amounting to some 12 per cent of its gold reserves, could yield around $11 billion, IMF officials said, supporting a reorganisation of the institution as it seeks to survive a downturn in lending to troubled countries, its main income source.

Managing director (MD) Dominique Strauss-Kahn said in a statement the IMF would use the funds to help shore up IMF finances and create a new endowment with more diverse

investments to generate income. — AFP