Gold and silver become dearer

Kathmandu, October 17

Price of gold went up by Rs 1,000 to Rs 51,500 per tola, while that of silver jumped Rs 10 to Rs 725 a tola, during the week — from October 11 to 16.

Gold price has gone up in the recent weeks as the expected timing of rate increase by US Federal Reserve has been pushed back, although traders are still betting that the Fed will soon move to lift rates for the first time in nearly a decade.

Soft demand from major physical gold consumers — China and India — has also taken a toll, according to various media reports.

Gold discounts in India reached a three-month high this week on sluggish retail demand, ample supply and higher prices,

Reuters had reported on Wednesday.

The price of precious metals is governed by the rates set in the international market.

Gold price was set at Rs 50,500 per tola on Sunday. On Monday, the price of precious yellow metal edged up Rs 100 per tola to Rs 50,600 and remained unchanged on Tuesday.

On Wednesday, gold price surged by Rs 800 a tola to Rs 51,400. Its price went up by Rs 200 per tola again on Thursday to be traded at Rs 51,600. On Friday, however, gold price dipped by Rs 100 to Rs 51,500 per tola.

Similarly, silver price also went up by Rs 10 during the six trading days of the week.

The white metal was priced at Rs 715 per tola on Sunday and remained same on Monday and Tuesday. On Wednesday, silver price jumped Rs 10 to Rs 725 a tola and continued to remain constant till Friday.