Bullion price declines in local market
Kathmandu, February 8
Bullion price declined in the domestic market in the trading week between February 2 and 7.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 76,500 per tola on Sunday and remained constant on Monday. On Tuesday, the price of gold declined by Rs 500 a tola to settle at Rs 76,000 per tola. The next day the price of the yellow metal again went down by Rs 800 per tola to be traded at Rs 75,200 per tola and remained constant on Thursday.
However, on Friday, gold price increased by Rs 400 a tola to close the trading week at Rs 75,600 a tola.
According to Reuters, gold prices rose on Friday due to fears of an economic slowdown from the coronavirus outbreak and as lower interest rates globally offset strong US economic data.
Meanwhile, FeNeGoSiDA stated that bullion price remained unstable in the review week like in the previous week due to the coronavirus outbreak in China. International market has remained uncertain and prices are frequently fluctuating.
The coronavirus epidemic continued to stifle activity in the physical gold markets in top bullion consumer China and Hong Kong this week, while demand was mixed in other Asian hubs, Reuters reported.
Gold price declined by Rs 400 per tola during the review period compared to the closing rate of Rs 76,000 per tola in previous trading week.
Amid this, silver price also declined this trading week in the domestic market. The grey metal was traded at Rs 895 per tola on Sunday and declined by five rupees a tola on Monday to settle at Rs 890 per tola. On Tuesday, silver price declined by Rs 10 per tola to Rs 880 per tola. It further declined on Wednesday to Rs 875 a tola, falling by five rupees a tola but remained constant on Thursday.
However, on Friday silver price went up by Rs 10 per tola to close the trading week at Rs 885 a tola.
Compared to the previous closing rate of Rs 890 per tola, silver price declined by five rupees a tola in the review period.