Gold continues to rise

Kathmandu, July 12:

Taking a cue from the global market, gold remained unstable this entire week. However, it closed Rs 255 higher to Rs 21,090 per 10 gram from last week’s closing price of Rs 20,835.

Due to the rise in the oil price in the global market and weak dollar, the price of gold got pushed up.

“The hike in the global oil price that registered $142 per barrel, poor performance of international share markets and the weak greenback have pushed up the price of the precious yellow metal,” said Nepal Gold and Silver Dealers’ Association (NEGOSIDA). The price in the international market also saw a rise this week, it added.

Though it opened at Rs 20,835 per 10 gram on Sunday, it plunged by Rs 35 to Rs 20,790 on Monday. On Tuesday, the price bounced back to Rs 20,835 to dip again on Wednesday to Rs 20,705. It again bounced back on Thursday by Rs 175 to Rs 20,880 and closed at Rs 21,090 on Friday.

In the international market, gold closed at $942 per ounce on Friday from $935 last Friday.

Unlike gold, silver closed four rupees lower to Rs 384 on Friday from last Friday’s closing of Rs 388 per 10 gram.

Silver kept falling as it dipped to Rs 386 on Monday and Rs 384 on Wednesday.