KATHMANDU: The gold market this week closed on Friday at Rs 23,920 per 10 gram — Rs 345 more than Sunday’s opening price of Rs 23,575 per 10 gram.

According to Nepal Gold and Silver Dealers’ Association (NEGOSIDA), the demand for gold in the international market is increasing rapidly and pushing up the gold price even in the domestic market. Gold per ounce in the international market on Sunday was $913, and which on Friday priced at $937 per ounce in the international market.

Gold opened at Rs 23,575 per 10 gram on Sunday and gained Rs 45 to reach Rs 23,620 on Monday. It remained at the same price on Tuesday. On Wednesday, it rose by Rs 85 to reach Rs 23,705 per 10 gram. Thursday saw another increase of Rs 105, with gold going up to Rs 23,835. The domestic market for gold closed at Rs 23,920 per 10 gram.

Meanwhile, silver opened at Rs 356 per 10 gram on Sunday. However, with a fall of Rs 6 it priced Rs 350. Silver continued to remain at the same price till Wednesday. A slight rise of Rs 3 was observed with silver being traded for Rs 353 per 10 gram on Thursday. Silver closed at Rs 353 per 10 gram on Friday.

International gold price rising?

COLORADO: Suddenly the pressure from China to change the world’s monetary order is pressing. At the G-8 China asked for the forum to debate proposals for a new global reserve currency! They were largely ignored! China’s rising presence in the global economy ($2 trillion reserves now) and the threatening weakness of the US dollar is prompting China to act in this way and with speed. Not only the Chinese but the French finance minister and Central Bank president called for greater currency stability and a system to avoid piling up currency reserves as we see with the dollar. It is clear that more countries are objecting to the debasement of the US dollar through Trade deficits and Quantitative Easing. In March, the People’s Bank of China (PBoC) governor, Zhou Xiaochuan’s proposed that the Special Drawing Right, a synthetic currency, (but one aimed at being a basket of the world’s most traded currencies) be used as an international reserve currency that’s delinked from sovereign nations. PBoC said, “the IMF should expand the functions of its unit of account, Special Drawing Rights.” — Agencies