Nepal | September 22, 2019

Gold price soars, silver declines

Himalayan News Service

Kathmandu, August 3

Gold price reached a new high of Rs 65,800 per tola in the trading week between July 28 and August 2.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), the market opened on Sunday with bullion price fixed at Rs 65,000 a tola. The price of the precious yellow metal increased by Rs 200 per tola on Monday to be traded at Rs 65,200 a tola and remained constant on Tuesday.

On Wednesday, gold price went up by Rs 200 per tola to Rs 65,400 a tola. However, it declined by Rs 400 per tola on Thursday to Rs 65,000 per tola.

Meanwhile, the price of gold surged by a whopping Rs 800 a tola on Friday to close the week’s trading at Rs 65,800 per tola — setting a new record.

Gold price went up by Rs 800 a tola in the review period compared to previous week’s closing rate of Rs 65,000 per tola.

Meanwhile, silver price was fixed at Rs 775 a tola on Sunday and it remained constant till Tuesday. On Wednesday, the price of the grey metal increased by five rupees per tola and reached Rs 780 a tola.

However, on Thursday, silver price declined by Rs 10 per tola to be traded at Rs 770 a tola and remained constant on Friday.

Silver price fell by five rupees per tola in review period compared to the previous week’s closing rate of Rs 775 a tola.

According to Reuters, gold price rose after US President Donald Trump said he would impose additional tariffs on Chinese imports, renewing trade tensions between the two countries, dragging the dollar down from two-year highs and sending bond yields lower.

Trump said he would impose an additional 10 per cent tariff on $300 billion worth of Chinese imports starting September 1, as talks aimed at easing tensions between the world’s two largest economies continue, Reuters reported.


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