Kathmandu, September 19
Gold and silver became more expensive in the domestic market as their price increased by Rs 400 per tola and Rs 10 a tola over the week, between September 13 and 18.
Gold price increased this week after a regular fall for three weeks, as the US Federal Reserve decided to keep the rates steady citing ‘recent global economic and financial developments may restrain economic activity somewhat’. The domestic price of the precious metal is governed by the international rates.
The market opened on Sunday with gold price fixed at Rs 49,900 per tola. Bullion price declined by Rs 150 a tola on Monday, to be traded at Rs 49,750 per tola and remained unchanged on Tuesday. Gold price again slumped by Rs 50 per tola on Wednesday and was fixed at Rs 49,700 a tola.
With the prospect of the Fed raising rate dimming, the price of precious yellow metal, increased by Rs 450 per tola in a single day on Thursday to be traded at Rs 50,150 a tola. As the US central bank held rate constant, as widely expected, gold price witnessed a marginal increase of Rs 150 to settle at Rs 50,300 per tola on Friday.
Likewise, price of silver increased by Rs 10 per tola over the six trading days of the week. Silver was traded at Rs 690 a tola on Sunday. Its price dropped by Rs 10 per tola on Monday to be traded at Rs 680 a tola. Price of silver again slumped by five rupees a tola to be fixed at Rs 675 per tola on Tuesday and remained unchanged on Wednesday.
Silver price went up substantially — by Rs 20 per tola in a single day — on Thursday with market price recorded at Rs 695 per tola. The price of silver edged up by five rupees per tola on Friday to Rs 700 a tola on Friday.