Bullion price up, white metal stable

Kathmandu, April 8

Gold and silver prices wobbled in the week of April 2 to 7, with the yellow metal clocking a weekly gain of Rs 300, while the price of the white metal relatively stable.

Gold demand in Asia remained soft, with premiums in China notching a slight uptick and those in India remaining unchanged, as higher prices kept physical buyers at bay, according to Reuters.

Indian demand for the yellow metal fell this week primarily due to a rally in overseas rates, though an appreciating Indian rupee capped upside in local prices, the news site reported. “The Indian rupee has risen 5.5 per cent against the US dollar so far in 2017, partly offsetting gains in overseas gold prices.”

Gold was priced at Rs 54,600 per tola when the market opened for the week on Sunday. Its price dipped by Rs 100 a tola to Rs 54,500 per tola on Monday. The bullion price rose over the next two days — by Rs 400 a tola to Rs 54,900 per tola on Tuesday and by Rs 100 a tola to Rs 55,000 per tola on Wednesday. On Thursday, however, gold price dipped by Rs 100 a tola to be priced at Rs 54,900 per tola and its price remained unchanged the next day.

Meanwhile, silver was traded at Rs 810 a tola on Sunday. Its price fell by five rupees per tola to Rs 805 a tola on Monday. The price of the white metal rose by Rs 10 per tola to Rs 815 a tola on Tuesday and it was traded at the same rate the next day. Silver price dipped by five rupees a tola on Thursday to be traded at Rs 810 per tola and remained unchanged on Friday.