Gold price dust settling, finally

KATHMANDU: Though gold broke its price twice, at the end of the week it closed at a minimal price of Rs 29,649 per tola on Friday. Gold went up to price Rs 29,900 per 10 gram on Tuesday and Rs 30,052 per 10 gram on Thursday, breaking its record twice in the same week. According to Nepal Gold and Silver Dealers’ Association (NEGOSIDA), gold in the international market is being traded for $1,048 per ounce which was an earlier record-breaking $1,068 per ounce. NEGOSIDA opined that the devaluation of the US dollar compared to other currencies might be the cause for increase in the gold trading price as investors are opting for gold as an investment alternative.

The domestic market for gold this week opened at Rs 25,425 per 10 gram and increased to Rs 25,550 per 10 gram on Monday. Gold was traded for Rs 25,635 on Tuesday followed by another hike to reach Rs 25,765 per 10 gram on Wednesday,

said NEGOSIDA. On Thursday, gold was traded for

Rs 25,550 and closed at

Rs 25,420 per 10 gram on

Friday — Rs 5 less than

the opening price this week.

Meanwhile, silver opened at Rs 441.50 per 10 gram on Sunday and was traded for the same price till Tuesday. With a fall of Rs 8.5 silver priced at Rs 433 per 10 gram on Wednesday. Though Thursday maintained the same price as on Sunday — Rs 441.50 — it closed at Rs 439 on Friday.

Gold trade increase

KATHMANDU: Transactions of gold and silver metal during Dhanteras rose by more than 200 per cent, said NEGOSIDA president Tej Ratna Shakya. Sale of silver on Dhanteras, the first day of the five-day Tihar festival well known as Dhantrayodashi or Dhanwantari Triodasi rose to 300 kg due to the business community’s purchases of the precious metals this day. However, on usual days the daily transaction of silver i not more than an average of 100 kg, said Tej Ratna Shakya adding that the trading of gold despite the price hike increased to 20 kg on Saturday. On Dhanteras, Hindus consider it auspicious to purchase gold or silver articles or at least one or two new utensils. It is believed purchase of these metals is a sign of good luck. — HNS