Nepal | June 02, 2020

Gold price soars, silver declines

Himalayan News Service
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Kathmandu, June 15

Gold price increased in the trading week between June 9 and 14, owing to its price being affected in the international market due to tensions between the United States and Iran.

As per Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 62,600 a tola in the local market on Sunday. However on Monday the gold price declined by Rs 300 a tola to be priced at Rs 62,300 per tola. The price remained constant till Wednesday. Then on Thursday, the price reached Rs 62,400 a tola, up Rs 100 per tola. Bullion price surged by Rs 600 a tola on Friday to close the week’s trading at Rs 63,000 per tola.

Gold price went up by Rs 700 a tola in the review period compared to the preceding week’s closing rate of Rs 62,300 per tola.

Meanwhile, silver price declined in the review period.

As stated by FeNeGoSiDA, silver was traded at Rs 725 a tola on Sunday. On Monday the price of the grey metal fell by Rs 10 per tola to be traded at Rs 715 a tola.

Its price remained constant till Thursday. Silver price, however, went up by five rupees per tola on Friday to close the week’s trading at Rs 720 a tola.

In the previous week, silver had closed at Rs 715 per tola.

As per Reuters, equity markets struggled and safe-haven assets like gold were in demand on Friday as weak Chinese data stoked investor anxieties over a global growth slowdown and fears of a US-Iran confrontation added to geopolitical uncertainty.

Attacks on two oil tankers in the Gulf of Oman lifted oil prices, although they remained on track for a weekly loss on worries a sluggish world economy could hurt demand.

Meanwhile, in neighbouring India, physical gold discounts widened to their biggest in five months this week as an upsurge in local prices dampened purchases.

A version of this article appears in print on June 16, 2019 of The Himalayan Times.

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