Gold continues bullish trend
Kathmandu, June 28:
Gold continued its bullish trend this week, too. It surged by Rs 255 to close at Rs 20,405 per 10 gram on Friday from last Friday’s closing of Rs 20,150.
The possibility of global oil crisis has pushed the bullion market up. “The price of the precious yellow metal continued to rise due to rising crude price in the global market that hovered above $140 a barrel,” states Nepal Gold and Silver Dealers’ Association (NEGOSIDA). “The US dollar has also started weakening and the international share market also is not performing well,” it states.
The price of gold, however, in the domestic market saw a roller-coaster ride. On Sunday, the price opened at Rs 20,275 from last Friday’s closing of Rs 20,150 per 10 gram. On Monday, it jumped to Rs 20,320. But it plunged by Rs 320 on Tuesday to register Rs 20,000 per 10 gram.
On Wednesday, the price witnessed no movement. But on Thursday, it again dipped by Rs 90 to post Rs 19,910. On Friday, the last day of the trading at domestic market, it climbed to Rs 20,405 - a rise by Rs 495.
In the international market too, gold closed at Rs $911 per ounce on Friday from last Friday’s $897. Today, it has posted $927 per ounce in the international market. The domestic market has to bear the brunt of the rising gold price.
“Though, there is no demand in the domestic market at present, the price rise may not effect,” Tej Ratna Shakya, president of NEGOSIDA said, adding that it has to fix the price at Rs 24,000 per tola (11.664 gram), tomorrow. “The price may go up to Rs 25,000 per tola like a month earlier,” he added.
Similarly, silver price also saw a roller-coaster ride this week. The market opened at Rs 389 per 10 gram on Sunday. It has closed at Rs 389 last Friday. On Monday, the prices surged to Rs 393 per 10 gram. However, it plunged to Rs 389 on Tuesday and remained constant for another two days. But on Friday, it bounced back to close at Rs 391.