Nepal | January 17, 2021

COVID-19 boosts prices of precious metals

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Price of precious metals surged significantly during the trading week between July 19 and 24.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold price was set at Rs 92,500 per tola on Sunday and it fell by Rs 200 a tola on Monday to Rs 92,300 per tola. However, on Tuesday gold price again went up by Rs 400 a tola to Rs 92,700 per tola.

On Wednesday, gold was traded at Rs 94,000 a tola as its price went up by Rs 1,300 per tola and reached Rs 94,500 a tola on Thursday increasing by Rs 500 per tola. On Friday, price of the precious yellow metal reached a new all-time high price of Rs 95,800 a tola by soaring Rs 1,300 per tola.

Gold price surged by Rs 3,600 a tola during the review week compared to the closing rate of Rs 92,200 per tola in the previous week.

FeNeGoSiDA has stated that the global economy is struggling to recover from the COVID-19 pandemic. As big industries and businesses are facing losses, investors are investing in gold rather than any other industry at the moment, which has consequently raised its demand and subsequently its price.

Meanwhile, Reuters reported that the safe-haven gold pierced the $1,900 per ounce ceiling on Friday for the first time since 2011 as a worsening US-China row added to fears over the hit to a global economy already reeling from the coronavirus pandemic.

According to Reuters, physical gold rates flipped to a discount in India this week as local prices surged while China’s discounts slipped further on weak retail demand, with silver emerging as a preferred asset in most Asian hubs.

Meanwhile, silver price also rose significantly during the review period.

As per FeNeGoSiDA, silver was priced at Rs 1,005 a tola on Sunday and it went down by five rupees per tola on Monday to Rs 1,000 a tola. However on Tuesday, silver price surged by Rs 40 per tola to Rs 1,040 a tola. On Wednesday, price of the grey metal reached Rs 1,135 per tola, increasing by Rs 95 a tola.

On Thursday, silver price increased by Rs 10 per tola to Rs 1,145 a tola.

On Friday, silver price increased by five rupees per tola to close the trading week at Rs 1,150 a tola. Silver price in the domestic market increased by Rs 115 per tola this trading week compared to the closing rate of Rs 995 a tola in the previous week.

A version of this article appears in e-paper on July 26, 2020, of The Himalayan Times.

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