Gold continues bullish trend

Kathmandu, May 17:

Gold, this week, continued its bullish trend and jumped to Rs 19,720 per 10 gram on Friday — Rs 23,000 per tola (11.664 gram) — in the domestic market, a rise by Rs 495 per 10 gram from Sunday’s opening of Rs 19,335.

“The price of the precious yellow metal continued to rise this week too as the US dollar could not become strong despite Fed’s rate cut,” states Nepal Gold and silver Association (NEGOSIDA). Crude price also continued to skyrocket and hit $127 per barrel. “And the international share market also could not perform better,” it states.

The price of gold saw steady rise throughout the week. On Sunday, it opened at Rs 19,335 and surged by Rs 40 on Monday to register Rs 19,375 per 10 gram. On Tuesday, it again climbed to Rs 19,460 per 10 gram.

However, on Wednesday, the price of the precious yellow metal plunged to Rs 19,290 per 10 gram. The price remained constant on Thursday also. But it bounced back to close at Rs 19,720, on the last day of trading in the local bullion market. In the international market, gold closed at Rs $881 per ounce on Friday from last Friday’s $880.

Silver price also continued to rise to closed at Rs 387.50 per 10 gram on Friday from Rs 380 on Sunday, the first day of the trading in the domestic market.