Kathmandu, January 25

Gold price increased slightly in the domestic market in the trading week between January 19 and 24.

As per Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), the yellow metal was traded at Rs 75,000 a tola on Sunday and remained constant the next day. On Tuesday gold price went up by Rs 300 per tola to be traded at Rs 75,300 a tola. However, on Wednesday price of the bullion declined by Rs 500 a tola to reach Rs 74,800 per tola, but on Thursday gold price again increased by Rs 200 a tola to be traded at Rs 75,000 per tola. On Friday, price of the yellow metal went up by Rs 200 per tola to close the weekly market at Rs 75,200 a tola.

Gold price increased by Rs 400 per tola in the review period compared to the closing rate of Rs 74,800 a tola in the previous week.

Bullion price remained almost steady in the review week. As per FeNeGoSiDA, gold price didn’t see any significant fluctuation in the review period as the international market remained calm this week. However, Reuters reported that gold jumped to a more than two-week high on Friday as the latest updates on the coronavirus dented risk sentiment, and prompted a flight into safe-haven assets.

Meanwhile, demand of gold was subdued in major Asian hubs this week on account of the Lunar New Year holidays, with growing fears the coronavirus outbreak in China could further dampen activity.

China, the world’s biggest gold consumer, is ramping up measures to contain a virus that has killed 41 people (till today), suspending public transport in 10 cities, shutting temples over the Lunar New Year and even closing the Forbidden City and part of the Great Wall, Reuters reported.

Meanwhile, silver price declined slightly during the review period. As per FeNe- GoSiDA, silver was traded at Rs 890 per tola on Sunday and remained constant on Monday. Silver price went up by five rupees a tola the next day to be traded at Rs 895 a tola. However, on Wednesday price of the grey metal declined by Rs 15 a tola to settle at Rs 880 per tola. On Thursday, silver price went up by five rupees a tola to be traded at Rs 885 per tola and remained constant on Friday.

Silver price declined by five rupees per tola in the review period compared to the closing rate of Rs 890 per tola the previous week.