Nepal | August 13, 2020

Bullion price continues to surge

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Gold price set a new record every other day during the trading week between July 26 and 31.

Due to the impact of COV- ID-19 on the global economy the bullion price in the domestic market has also soared.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was priced at Rs 96,300 per tola on Sunday and went up by Rs 1,200 a tola on Monday to reach Rs 97,500 per tola. On Tuesday, gold price reached Rs 98,200 a tola increasing by Rs 700 per tola.

On Wednesday, price of the precious yellow metal reached Rs 98,500 a tola rising by Rs 300 per tola while on Thursday it was priced at Rs 99,000 a tola going up by Rs 500 per tola. On Friday, gold price surged by Rs 300 a tola to close the trading week at an all-time high record price of Rs 99,300 per tola.

Compared to the closing rate of Rs 95,800 a tola in the previous review period, gold price ascended by Rs 3,500 per tola in this review period.

Meanwhile, Reuters reported that gold rose on Friday and headed for its biggest monthly gain in eight-and-a-half years as the impact of the worsening coronavirus pandemic on the US economy hammered the dollar, prompting investors to seek refuge in bullion.

Among the neighbouring countries, Chinese gold dealers were forced to offer the steepest-ever discounts this week as physical demand plunged, while the Indian market flipped to a premium again.

Meanwhile, silver price also went up slightly during the review period.

According to FeNeGoSiDA, silver was priced at Rs 1,155 per tola on Sunday and reached Rs 1,210 a tola on Monday going up by Rs 55 per tola.

On Tuesday, silver price reached Rs 1,245 a tola increasing by Rs 30 per tola, however, the next day it slipped by Rs 20 a tola to Rs 1,225 per tola. Silver price remained constant on Thursday.

On Friday, silver price dropped to Rs 1,200 a tola falling by Rs 25 per tola.

Silver price increased by Rs 50 a tola during this review period compared to the closing rate of Rs 1,150 per tola in the previous review period.

A version of this article appears in e-paper on August 2, 2020, of The Himalayan Times.

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