Nepal | July 02, 2020

Gold price fluctuates as Sino-US talks fail

Himalayan News Service
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Kathmandu, May 18

The price of gold witnessed fluctuations in the trading week between May 12 and 17. According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), the fluctuations in gold price were seen due to the uncertainty surrounding the trade talks between the US and China.

As per FeNeGoSiDA, gold was traded at Rs 60,000 per tola on Sunday and it remained constant on Monday.

However, on Tuesday, gold price increased by Rs 1,000 a tola to be traded at Rs 61,000 per tola. The price of the bullion, however, on Wednesday declined by Rs 400 per tola to settle at Rs 60,600 a tola. Gold price meanwhile increased by Rs 100 a tola to be traded at Rs 60,700 per tola on Thursday.

On Friday, the price of the yellow metal descended by Rs 500 a tola to end the week at Rs 60,200 per tola.

According to FeNeGoSi- DA, the price of gold in the domestic market fell towards the end of the week as people were selling gold to invest in the real estate sector.

Meanwhile, silver was priced at Rs 720 a tola on Sunday and it remained the same on Monday. On Tuesday, silver price went up by five rupees per tola to Rs 725 a tola. Meanwhile, silver price remained stable for the next two days. However, the price of the grey metal fell by Rs 10 a tola on Friday to close the week at Rs 715 per tola.

Gold prices marked time on Friday, after seeing its biggest one-day percentage loss in a month on Thursday, on a firmer dollar and increased investor appetite for riskier assets due to strong US data and corporate results, Reuters reported.

The US housing data showed homebuilding increased more than expected in April, while unemployment benefits fell more than expected last week, pointing to sustained labour market strength that should underpin the economy, as per Reuters.

A version of this article appears in print on May 19, 2019 of The Himalayan Times.

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