Gold price up, silver stable

Kathmandu, March 12

While silver price remained stable, gold price increased by Rs 300 per tola during the week of March 6 to 11.

Bullion price remained stable in the international market over the week, but the fluctuation in the exchange rate of the US dollar caused a slight impact on its price in the domestic market, according to the Federation of Nepal Gold and Silver Dealers’ Association.

The 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 56,200 a tola and remained unchanged on Monday. The price of the precious yellow metal went up by Rs 300 per tola to be traded at Rs 56,500 a tola on Tuesday.

Gold price, on Wednesday, tumbled marginally by Rs 200 per tola to be fixed at Rs 56,300 a tola. It again fell by Rs 300 a tola on Thursday and was traded at Rs 56,000 per tola.

However, bullion price increased by Rs 500 per tola to Rs 56,500 a tola on Friday — the last trading day of the week.

On the other hand, the price of silver remained stable during the six trading days of the week.

The market opened on Sunday with silver price fixed at Rs 730 per tola and remained constant till Tuesday.

Price of white metal dropped by five rupees a tola on Wednesday to be traded at Rs 725 per tola and remained unchanged the next day. Silver price again edged up by five rupees per tola on Friday to be fixed at Rs 730 a tola.

Peaking demand of gold as a safe investment haven in the international market has been taking gold price up, according to Fenegosida. Reviewing its monetary policy, the European Central Bank has pushed its interest rate deeper into negative territory to minus 0.4 per cent. As a result, investors have been attracted towards gold buying. Similarly, volatility of the stock market in the United States and China also lured investors to park their investments in precious metals, according to Fenegosida.