Nepal | July 11, 2020

Bullion price steady in domestic market

Himalayan News Service
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Bullion price remained steady in the trading week between June 21 and 26.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 90,600 per tola on Sunday and on Monday gold price increased by Rs 400 a tola to settle at Rs 91,000 per tola — a new all-time high.

On Tuesday, gold price declined by Rs 400 a tola to reach Rs 90,600 per tola. However, the next day the price of yellow metal surged by Rs 500 a tola to Rs 91,100 per tola and remained constant on Thursday.

On Friday, gold price declined by Rs 500 a tola to close the trading week at Rs 90,600 per tola — the same rate as the opening rate for the week.

However, gold price surged by Rs 1,600 a tola week-onweek compared to the closing rate of Rs 89,900 per tola in the previous trading week.

In the week, silver price also remained steady.

As per FeNeGoSiDA, silver was priced at Rs 940 a tola on Sunday and reached Rs 950 per tola as it increased by Rs 10 a tola on Monday. On Tuesday, silver price declined by Rs 10 per tola to Rs 940 a tola. Its price went up by five rupees per tola to reach Rs 945 a tola on Wednesday. Silver price declined by Rs 10 per tola on Thursday to Rs 935 a tola.

However, on Friday, silver price rose by five rupees per tola to close the trading week at Rs 940 a tola — the same rate as opening rate for the week.

Silver price, however, increased by Rs 10 per tola in this trading week compared to the closing rate of Rs 930 a tola in the previous week.

In the international markets, gold price steadied on Friday en route to a third straight weekly gain as a spike in coronavirus cases dashed hopes of a quick economic recovery, Reuters reported. With this, physical gold discounts widened in China and India in the week as a surge in coronavirus infections restricted buying, while the reopening of retail outlets in Singapore saw a slight pick up in demand for the precious metal.

According to Reuters, Indian dealers were offering a discount of up to $18 an ounce over official domestic prices this week, from last week’s $13.

A version of this article appears in e-paper on June 28, 2020, of The Himalayan Times.

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