Gold price falls, silver shines

Kathmandu, April 20

The price of gold declined by Rs 500 per tola while that of silver increased by five rupees a tola over the trading week between April 15 and 19.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSi- DA), gold was traded at Rs 59,600 per tola in the domestic market on Monday and remained constant on Tuesday. However, price of the bullion fell by Rs 300 a tola on Wednesday to settle at Rs 59,300 per tola. The price of the yellow metal further declined by Rs 200 per tola to settle at Rs 59,100 a tola the next day. Gold price remained unchanged on Friday to close the week at Rs 59,100 a tola.

Meanwhile, the silver price stood at Rs 720 a tola on Monday and remained constant on Tuesday. However, on Wednesday silver price rose by five rupees a tola to Rs 725 per tola and remained the same throughout the week.

It has to be noted that the market remained closed on Sunday, the first trading day of the week, as it was a public holiday due to Nepali New Year.

According to Reuters, gold held steady near a four-month low on Thursday as a stronger dollar offset concerns over global economic growth after the release of weak manufacturing data out of Europe.

Investors are also keeping an eye on talks between the United States and China to resolve a trade dispute. The two countries are aiming to conclude negotiations by early June, the Wall Street Journal reported on Wednesday.

Gold premiums in top consumer China jumped to their highest in more than two years, as a drop in global prices and strengthening yuan encouraged purchases amid optimism about the state of the economy, Reuters reported.

In India, demand was steady as lower domestic prices prompted buyers to make purchases for weddings and an upcoming festival. Indian gold futures were trading near their lowest level in three months.

Indians will celebrate Akshaya Tritiya on May 7, when buying gold is considered auspicious.