Gold price still on a roll

Kathmandu, July 5:

This week, gold witnessed fluctuation in the domestic market but closed at Rs 175 higher to go up to Rs 20,835 compared to the opening day’s Rs 20,660 per 10 gram. On Sunday, it opened at Rs 20,660 per 10 gram — Rs 255 higher than last week’s closing of Rs 20,405.

Rising global oil price has pushed the bullion market up. “Gold price kept rising due to rising crude price that hit a record of above $145 a barrel,” states Nepal Gold and Silver Dealers’ Association.

The price of gold, however, in the domestic market saw a reverse trend as it controlled itself despite the price rise in the international market. “Due to off-season, the stockist did not raise the price to match international price,” it states On Sunday, the price opened at Rs 20,660 and remained constant for two more days — Monday and Tuesday. On Wednesday it surged up to Rs 21,005, the highest in recent weeks.

Despite rising gold price in the international market, the domestic market saw a plunge in the price of precious yellow metal on Thursday as it plunged to Rs 20,920. It, however, settled at Rs 20,835 on Friday, the last day of the weekly trading in the domestic market.

In the international market too, gold fluctuated from last week’s closing of Rs $911 per ounce

to $945 but closed at $935 per ounce.

Similarly, silver also witnessed fluctuation this week. The market opened at Rs 392 per 10 gram, one rupee higher than the last week’s closing price of Rs 391. For another two days, till Tuesday, the price remained constant. On Wednesday, it went up to Rs 394.50. But on Thursday, it plunged to Rs 392 and closed Rs 4 less than the opening price at Rs 388 per 10 gram on Friday.