Gold price stable, silver surges 6.75 per cent
Kathmandu, July 2
Gold price remained constant while silver price increased by a whopping 6.75 per cent or Rs 55 per tola, over the week, between June 26 to July 1.
Gold price, which had shot up on June 24 following the United Kingdom’s decision to leave the European Union, remained more or less stable over the review period. Bullion price rallied in the international market after the results of the British referendum showed Britain favouring an exit from the 28-nation bloc. Investors increased their investment in bullion as a safe haven because investors anticipate the Bank of England would cut down interest rate to minimise the risks of the pound’s depreciation, according to international media reports.
Prices of the precious metals in the domestic market are governed by the rates set in the international market.
The market opened on Sunday with gold price fixed at Rs 58,500 per tola. Precious yellow metal edged up by Rs 200 on Monday and was traded at Rs 58,700 a tola. Bullion price, however, tumbled by Rs 400 a tola in a single day on Tuesday to be fixed at Rs 58,300 per tola and remained stable on Wednesday. Gold price again tumbled by Rs 300 per tola on Thursday to be traded at Rs 58,000 a tola. Price of the precious yellow metal, however, went up by Rs 500 a tola on Friday to Rs 58,500 per tola — the same price it was traded on the first day of the week.
Meanwhile, price of silver increased by nearly seven per cent or Rs 55 per tola during the six trading days of the week. The market opened on Sunday with silver price fixed at Rs 815 a tola and its price remained stable till Tuesday. Price of the white metal on Wednesday increased by Rs 10 per tola to be fixed at Rs 825 a tola and continued its upswing till Friday. Silver price rose by another Rs 10 on Thursday and traded at Rs 835 a tola. Price of white metal shot up by Rs 35 per tola in single day on Friday to Rs 870 a tola.