Bullion price edges down slightly after record streak

Kathmandu, August 15

After hitting back-to-back record high prices in the domestic market, bullion price slightly declined in the trading week between August 9 and 14.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold price stood at Rs 102,600 a tola on Sunday and decreased by Rs 200 per tola to settle at Rs 102,400 a tola on Monday.

The next day, price of precious yellow metal reached Rs 101,600 per tola going down by Rs 800 a tola.

On Wednesday, the price of the bullion dropped significantly by Rs 6,200 per tola, which is a historic fall for the metal, to settle at Rs 95,400 a tola. However, on Thursday, gold price went up by Rs 2,400 per tola to reach Rs 97,800 a tola.

On Friday, it again increased by Rs 800 per tola to close the trading week at Rs 98,600 a tola.

Gold price declined by Rs 4,900 per tola during the review week compared to the closing rate of Rs 103,500 a tola in the previous review period.

As per Reuters, gold price fell on track for its worst week since March, as an uptick in US Treasury yields and a logjam over a US stimulus bill to help the coronavirus-hit economy dented the metal’s allure.

Meanwhile, Chinese discounts for physical gold scaled yet another record peak versus global spot rates this week as the COV- ID-19 pandemic continued to choke retail appetite, with even a price dip failing to lure consumers in India, Reuters reported.

Gold has been sold at discounts in China, usually the world’s top bullion consumer, since February.

Meanwhile, silver price also went down in the domestic market.

As per FeNeGoSiDA, silver was priced at Rs 1,410 per tola on Sunday and reached Rs 1,395 a tola on Monday falling by Rs 15 per tola. However, on Tuesday, it surged by Rs 40 a tola to settle at Rs 1,435 per tola.

Meanwhile, the next day the price of the grey metal dropped by Rs 225 a tola to settle at Rs 1,210 per tola.

On Thursday, silver price again went up by Rs 85 a tola and reached Rs 1,295 per tola. On Friday, price of the grey metal went up by Rs 60 per tola to close the trading week at Rs 1,355 per tola.

Silver price declined by Rs 50 a tola during the review period compared to the closing rate of Rs 1,405 a tola in the previous week.

A version of this article appears in e-paper on August 16, 2020, of The Himalayan Times.