Bullion closes higher

Kathmandu, May 24:

Local bullion market closed higher this week. Price of hallmark gold rose by Rs 470 per 10 gram and closed at Rs 20,620 on Friday. The market opened with a price tag of precious yellow metal at Rs 20,150 on Sunday and remained constant on Monday. The price went up further on Wednesday by Rs 510 per 10 gram and closed at Rs 20,660.

The gold price touched a peak of Rs 21,005 on Thursday before closing down at Rs 20,620 on Friday. Nepal Gold and Silver Dealers’ Association (NEGOSIDA) has stated that price fluctuation of precious yellow metal is due to skyrocketing crude prices in the international market against unstable US dollars.

Gold prices rose to $935 per ounce from the last week’s closing of $881.

But it cooled down and closed at $918 on the last day of trading in the international market.

Silver also saw a fluctuating price trend this week. It began with Rs 390 per 10 gram on Sunday and rose to Rs 403 on Wednesday. It further climbed to Rs 411.50 on Thursday. However, it dropped to Rs 408 per 10 gram on Friday.

As per the latest market price, hallmark gold per tola costs Rs 24051, while price for silver stands at Rs 476 per tola.