Gold price up, silver dips

Kathmandu, March 18

Gold price rallied towards end of week between March 12 and 17 after Federal Reserve, central bank of the US, hiked interest rates on Wednesday. This was as expected, but as Fed signalled no pick-up in pace of tightening, dollar nursed painful losses in Asia on Thursday. This, in turn, pushed up the demand for the bullion in the international markets.

The prices of precious metals in domestic market are governed by their rates in the international market.

As per price list of Federation of Nepal Gold and Silver Dealers’ Association, the price of precious metals was not revised on Sunday as it was a public holiday.

Gold was priced at Rs 54,100 per tola when the market opened for trading on Monday. Its price fell by Rs 300 a tola to Rs 53,800 per tola on Tuesday. Bullion price fell by Rs 600 a tola to Rs 53,200 per tola on Wednesday. However, on Thursday, gold more than recovered the previous day’s loss by going up Rs 700 a tola to Rs 53,900 per tola. On Friday, price of gold rose by Rs 400 a tola to close the week at Rs 54,300 per tola.

Silver was priced at Rs 785 a tola on Monday. Its price dipped by five rupees per tola to Rs 780 a tola on Tuesday and fell by Rs 10 a tola to Rs 770 per tola on Wednesday. On Thursday, though, it recovered losses of previous two days as its price was set at Rs 785 a tola, up Rs 15 per tola. On Friday, however, the price of white metal dipped by five rupees a tola to be priced at Rs 780 per tola.