Price of gold increased by Rs 900 per tola, while price of silver remained constant over the trading week between May 5 and 10.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), the bullion market opened on Sunday with gold price fixed at Rs 59,100 per tola. The price of the yellow metal increased by Rs 400 a tola on Monday to be traded at Rs 59,500 per tola and remained constant the next day.
On Wednesday, price of gold went up by Rs 200 per tola to settle at Rs 59,700 a tola. However, it remained constant on Thursday. Meanwhile, the price of gold surged by Rs 300 a tola on Friday to close the week’s trading at Rs 60,000 per tola.
Meanwhile, silver price was fixed at Rs 720 per tola on Sunday and it remained constant till Tuesday. On Wednesday, the price of the grey metal increased by five rupees a tola and reached Rs 725 per tola. However, on Thursday silver price declined by five rupees per tola to be traded at Rs 720 a tola. It remained constant on Friday to close the week’s trading at Rs 720 per tola.
As per FeNeGoSiDA, gold price went up in the review week due to the weak value of the US dollar in the international market. Similarly, the trade war between the US and China is in its peak and that also resulted in gold price soaring, the association added.
According to Reuters, gold edged higher on Friday and was heading for a weekly gain, supported by trade concerns after the United States hiked tariffs on Chinese goods during trade talks between the two countries. Bullion was also supported by a weaker dollar which fell after data showed a lower than expected rise in the US consumer price index last month.
However, world stocks rose on Friday, but were still set for the worst weekly performance since late December 2018 due to an escalation in the US-China trade dispute, Reuters added.
A version of this article appears in print on May 12, 2019 of The Himalayan Times.