KATHMANDU, APRIL 23
The price of precious metals declined in the trading week between April 17 and 22 as the US Federal Reserve Chair Jerome Powell announced of a faster pace of monetary tightening this year and due to strengthening of the dollar. In the domestic market, gold price fell by 1.08 per cent or Rs 1,100 per tola, while silver price slumped by 3.89 per cent or Rs 20 a tola during the review week.
According to the rate list of Federation of Nepal Gold and Silver Dealers Association (FeNe- GoSiDA), gold price was fixed at Rs 102,000 per tola when the market opened for trading on Sunday. The price of the precious yellow metal rose by Rs 500 a tola to Rs 102,500 per tola on Monday.
The gold price fell on Tuesday and Wednesday, following global trends as a stronger US dollar and rising Treasury yields overshadowed safe-haven inflows into bullion. The price of gold fell by Rs 400 a tola to Rs 102,100 per tola on Tuesday and slumped by Rs 1,500 a tola to Rs 100,600 per tola on Wednesday. On Thursday, however, the precious yellow metal recovered some of the earlier losses by rising Rs 300 a tola to Rs 100,900 per tola. Its rate was unchanged on Friday, the last trading day of the week.
Meanwhile, silver was traded at Rs 1,415 a tola on Sunday. Its price went up by five rupees per tola to Rs 1,420 a tola on Monday, as per the FeNeGoSiDA and was unchanged the next day. The price of the grey metal was southbound for the rest of the week. It fell by Rs 35 per tola to Rs 1,385 a tola on Wednesday, slipped by five rupees per tola to Rs 1,380 a tola on Thursday and declined by Rs 20 per tola to Rs 1,360 a tola on Friday.
Gold fell one per cent on Friday and was set for its biggest weekly decline since mid-March as signs of faster policy tightening by the Federal Reserve lifted Treasury yields and the dollar.
Spot gold was down 0.9 per cent to $1,934.06 per ounce by 2:26pm, having earlier touched its lowest level in two weeks. The metal lost 2.1 per cent this week.
US gold futures settled down 0.7 per cent at $1,934.3, Reuters reported.
A version of this article appears in the print on April 24, 2022, of The Himalayan Times.
