Bullion gets dearer as oil price rises abroad

KATHMANDU: Rising petroleum price in the international market directly affected the Nepali gold market this week.

One barrel of petroleum was sold for $76 this week which is $2.44 more than the previous week.

Ten grams of gold sold in the Nepali market at between Rs 23,875 and Rs 24,220 from August 9 to 14. Gold has become dearer by Rs 85 this week compared to the previous week, Nepal Gold and Silver Dealer’s Association (NEGOSIDA) said. The gold market closed last Friday at Rs 24,135 (per 10 grams). According to NEGOSIDA, the international gold market experienced a jump of $2 per ounce of gold in the period from $954 on Sunday to $956 on Friday. The gold market was also influenced by the exchange rate of Nepali currency and US dollar — $1 equal to Rs 77.50. As per the rate, one tola (11.664 grams) of gold sold between Rs 27,848 and Rs 28,250 this week.

The silver market also experienced a hike of Rs 13 this week. Ten grams of silver sold at Rs 377 on Sunday and which rose to Rs 390 on Friday, the closing day.