Nepal | August 07, 2020

Bullion price slightly down in domestic market

Himalayan News Service
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Bullion price in the domestic market declined in the trading week between June 28 and July 3.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 91,300 per tola on Sunday and it remained constant on Monday. On Tuesday gold price stood at Rs 91,200 per tola going down by Rs 100 a tola. However, the next day it went up by Rs 600 per tola to Rs 91,700 a tola.

On Thursday, price of the yellow metal declined by Rs 700 per tola to reach Rs 91,000 a tola and on Friday it further declined by Rs 500 per tola to close the trading week at Rs 90,500 a tola.

Gold price declined by Rs 100 per tola this trading week compared to the closing rate of Rs 90,600 a tola in the previous review period.

Reuters has reported that gold prices in the international market were little changed as worries over an accelerating number of coronavirus cases countered a fillip to risk sentiment from positive US and Chinese economic data.

Meanwhile, physical gold demand in top consumers China and India continued to struggle due to the COVID-19 pandemic this week, while investment activity ticked up in Singapore and Japan, Reuters reported.

Meanwhile, silver price also declined slightly during the review week.

According to FeNeGoSiDA, silver was priced at Rs 945 per tola on Sunday and it remained constant till Tuesday. However, on Wednesday it increased by Rs 15 a tola to Rs 960 per tola but on Thursday price of the grey metal declined by Rs 10 a tola to reach Rs 950 per tola. On Friday, silver price declined further by Rs 10 a tola to close the trading week at Rs 940 per tola.

Silver price remained constant during this review period as compared to the previous week.

FeNeGoSiDA has stated the bullion price in the market remained steady during the review week.

However, bullion price is likely to drop in the next few days in the international market due to which gold dealers in Nepal are also expecting the price to drop in domestic market, as per the association.

“Although people had thronged gold shops to sell gold jewellery soon after the market opened, the number of visitors have decreased but there are still no buyers,” FeNeGoSiDA stated.

A version of this article appears in e-paper on July 5, 2020, of The Himalayan Times.

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