KATHMANDU, MARCH 11
The price of yellow metal and silver dropped in the trading week between March 5 and 10.
In the domestic market, gold price decreased by Rs 1,000 per tola, while silver prices fell by Rs 55 a tola during the review week.
According to the rate list of Federation of Nepal Gold and Silver Dealers' Association (FeNeGoSiDA), gold price was fixed at Rs 102,800 per tola when the market opened for trading on Sunday. Gold price was not revised on Monday as the market remained closed on the occasion of Holi. Its price fell by Rs 300 a tola on Tuesday before slumping by Rs 1,000 per tola on Wednesday. On Thursday, gold price fell further by Rs 500 a tola before increasing by Rs 800 per tola on Friday to close the trading week at Rs 101,800 a tola.
Meanwhile, silver was traded at Rs 1,275 per tola on Sunday and its price fell by Rs 10 a tola on Tuesday. The price of the grey metal fell by Rs 40 per tola on Wednesday before decreasing by five rupees a tola on Thursday. The price remained unchanged on Friday to rest at Rs 1,220 per tola for the week.
According to international news agencies, gold prices jumped nearly two per cent on Friday, driven by a slide in US Treasury yields and broader financial markets as worries over a fallout in the banking sector eclipsed a strong US jobs report and drove safe-haven flows into bullion. Gold, which does not yield any interest, benefited as Treasury yields slid amid the financial market turmoil and after US jobs data showed hourly earnings rose by less than expected last month. That gave hope that the Fed can be less aggressive in its path of interest rate hikes, even though job creation was strong.
A version of this article appears in the print on March 12, 2023, of The Himalayan Times.
