Gold price comes down

Kathmandu, August 15:

This week saw a lowest of the gold price in the recent days, apart from a two-pricing in a single day.

Gold closed Rs 860 per 10 gram lower to Rs 18,860 today, the last day of the trading in the domestic market from the last Friday’s closing of Rs 19,720.

According to the Nepal Gold and Silver Dealers’ Association (NEGOSIDA), strong US currency and weakening crude prices in the global market have this week helped fluctuate the price of precious yellow metal.

It opened at Rs 19,600 on Sunday, Rs 120 lower than the closing price of last Friday. On Monday, it further came down to Rs 19,290 and continued to dip on Tuesday to Rs 18,860. The price fell to the lowest — of Rs 18,435 per 10 gram on Wednesday — after a long spell of bullish trend.

On Thursday, it again climbed up to Rs 18, 860.

The domestic bullion market witnessed two prices on Thursday as in the afternoon, NEGOSIDA again fixed the price at Rs 19,205.

However, on Friday, it settled down at Rs 18,860 per 10 gram.

Similarly, the price of gold today hit the lowest point for eight months today to $792.10 per ounce as the precious metal was rocked by the strong US currency and weakening crude oil prices. It is the lowest point since December 21, 2007.

Gold, which is used in jewellery, dentistry and electronics, has now shed almost one

quarter of its value since striking a record high of $1,032.70 on March 17.

Meanwhile, silver continued its bearish trend. It opened at Rs 373 per 10 gram.

The price remained same on Monday but fell down to Rs 369 on Tuesday. On Wednesday, the silver further came down to Rs 367 and remained same on Thursday. However, per 10 gram of silver closed at Rs 365 today.