Nepal | July 08, 2020

Gold declines, silver remains steady

Himalayan News Service
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No major change in bullion price owing to stable dollar

Kathmandu, November 30

As the value of American dollar remained constant, price of gold and silver also remained a bit stable in the domestic market in the trading week between November 24 and 29.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 71,600 per tola on Sunday and it remained constant on Monday.

On Tuesday, gold price declined by Rs 400 a tola to be traded at Rs 71,200 per tola and again remained constant the next day. On Thursday, however, gold price settled at Rs 71,000 per tola, declining by Rs 200 a tola. However, on Friday, the price of the yellow metal increased by Rs 300 per tola to close the trading week at Rs 71,300 per tola.

Price of the bullion declined by Rs 400 per tola in the review week compared to the closing rate of Rs 71,700 a tola in the previous week.

Likewise, the price of silver also witnessed slight fluctuations in the review period. As per FeNeGoSiDA, silver was traded at Rs 855 per tola on Sunday and its price remained constant on Monday. On Tuesday, the price of the grey metal declined by five rupees a tola to settle at Rs 850 per tola. However, the next day silver price went up by five rupees per tola to be traded at Rs 855 a tola in the domestic market. On Thursday, silver price declined by five rupees a tola and reached Rs 850 per tola. However, on Friday, silver price settled at Rs 855 a tola, going up by five rupees per tola.

Compared to the previous week’s closing rate of Rs 860 a tola, silver price in the review week descended by five rupees a tola.

“This week bullion price remained steady and did not witness any major changes in the domestic market,” said Dharma Sundar Bajracharya, general secretary of FeNe- GoSiDA. “This week the value of the American dollar and the Indian currency was stable in the international market, hence there were no major changes in bullion price in the week,” he added.

Meanwhile, Reuters reported that gold prices rose and stocks on Wall Street slipped after China warned on Thursday it would take ‘firm counter measures’ against US President Donald Trump’s decision to ratify a bill backing protesters in Hong Kong.

Meanwhile, gold was sold at a premium this week in India as a dip in prices prompted purchases of the precious metal, while demand was soft in other Asian hubs as interest for the metal waned going into the year-end season, Reuters reported.

A version of this article appears in print on December 01, 2019 of The Himalayan Times.

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