Kathmandu, November 24:

With greenback continuously losing its beat and crude prices touching a new historic high of over $99 a barrel, gold price in the domestic market witnessed a roller coaster ride but recorded a rise of Rs 425 per 10 gram at the closing of this week’s trading.

The precious yellow metal in the local bullion market closed at Rs 16,700 from the opening price of Rs 16,275 this week.

The trading of hallmark gold closed at Rs 16,400 on the second day from the opening of Rs 16,275, however it went down to Rs 16,100 on the third day. But, the price went up to Rs 16,675 on the fourth day and plunged to Rs 16,630 on the fifth day.

The bullion price increased and closed at Rs 16,700 on the sixth

day, according to Nepal Gold and Silver Dealers’ Association’s (NEGOSIDA) weekly report.

The gold price rose in the wake of continuous weakening of US dollars and rise in the crude prices in the international markets due to OPEC’s disagreement on increasing oil out put, states the NEGOSIDA’s report.

The price of silver also saw a rise of Rs 2 per 10 gram during this week as it closed at Rs 311 from the opening price of Rs 309.

Lately, global oil price has hit the lcoal bullion market hard.