Kathmandu, September 16

The price of precious metals dipped slightly in the week between September 10 and 15 as tensions between United States and North Korea showed no signs of easing. Moreover, labour report and weaker US dollar also affected the gold price, according to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA).

Demand for physical gold in Asia remained lacklustre in the week as high prices kept consumers on the sidelines. Recent price strength has dulled Asian demand, Reuters reported one Hong Kong-based trader as saying. “We are seeing more of selling; because of higher prices, people are taking profit on physical (gold).”

In India, demand could improve going into the Dussehra festival in late September, one Mumbai-based banker said. “Until then, it is likely to be subdued and the market could continue trading at a discount.”

In top consumer China, gold demand was steady.

In the domestic market, FeNeGoSiDA had fixed gold price at Rs 57,500 per tola on Sunday. The price of the precious yellow metal fell by Rs 300 a tola each day for the next two days to be traded at Rs 57,200 per tola on Monday and Rs 56,900 a tola on Tuesday. Bullion price edged up by Rs 200 per tola to be traded at Rs 57,100 a tola on Wednesday. On Thursday, gold price fell again by Rs 300 per tola to Rs 56,800 a tola, but recovered the loss the very next day to close the week at Rs 57,100 per tola — Rs 400 a tola less than its rate at the beginning of the week. However, compared to the previous week’s closing rate of Rs 57,800 per tola, the yellow metal lost Rs 700 a tola in the review period.

Similarly, FeNeGoSiDA had set the rate of silver at Rs 790 per tola when the market opened for trading on Sunday. The grey metal shed five rupees a tola each day on Monday and Tuesday to be traded at Rs 785 per tola and Rs 780 a tola, respectively. Silver price bobbed for the remainder of the week — edging up by five rupees per tola to

Rs 785 a tola on Wednesday, dipping by five rupees per tola to Rs 780 a tola on Thursday and recovering the loss of earlier day to close the week at Rs 785 per tola on Friday. Compared to the opening of the week, the price of grey metal dipped by five rupees a tola in the end of the week, but silver price fell by Rs 10 per tola when compared to the rate of the previous Friday, when it was traded at Rs 795 a tola.