Gold price inching up

Kathmandu, September 20:

The price of gold has jumped in the domestic market. The precious yellow metal hit a mark of Rs 20,575 per 10 gram — the highest this week. It closed at Rs 20,490, which was a whopping jump of Rs 1800 over the opening price of 18,860.

Nepal Gold And Silver Dealers’ Association (NEGOSIDA) said, “The US dollar’s value is declining again. To shore it up, rescue measures have started. Anything can happen anytime and the price of gold may jump to Rs 25,000 per 10 gram.” Another reason for the jump in the price of gold is the increase in price of crude oil which is at $140 per barrel now.

After gold opened at Rs 18,690 — an improvement of Rs 430 over last week’s opening price (Rs 18,260) — the price on Monday rose by Rs 515 to reach Rs 19,205. Price remained constant for two consecutive days, Tuesday and Wednesday.

On Thursday, the price increased to Rs 20,575, which was the highest witnessed in the domestic market this week. The price of gold finally settled at Rs 20,490 — a minor

decline of Rs 85 in comparison to the price the market faced on Thursday.

Meanwhile, silver opened at Rs 300 per 10 gram this Sunday. Silver’s price increased by Rs 13 on Monday taking it to Rs 313 per 10 gram. Tuesday and Wednesday saw silver stable. It increased further to Rs 335 and closed at that.