Gold, silver prices decline
Kathmandu, January 26
The price of both gold and silver in the domestic market came down in the trading week between January 20 and 25 in line with their falling price in the international market.
The week-on-week review shows that gold price went down by Rs 200 per tola in the domestic market whereas that of silver was constant. As per the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 60,800 per tola on
On Monday, the price of gold increased by Rs 100 per tola to Rs 60,900 a tola. However, the price of the yellow metal fell by Rs 200 a tola on Tuesday to close at Rs 60,700 per tola. Meanwhile, the price of the bullion rebounded by Rs 200 a tola to Rs 60,900 per tola the next day. Though gold price remained constant on Thursday at Rs 60,900 a tola, its price fell by Rs 300 a tola to close the week’s trading at Rs 60,600 per tola on Friday.
Similarly, silver opened at Rs 755 per tola on Sunday. Though the price of silver remained unchanged on Monday, it came down by five rupees per tola on Tuesday to Rs 750 a tola. Meanwhile, price of silver remained unchanged in the remaining days of the trading week to close at Rs 750 per tola on Friday. Gold jumped over one per cent to a more than seven-month high on Friday, briefly
surpassing the $1,300 mark, as the dollar slid ahead of a US Federal Reserve meeting next week where the central bank is widely expected to leave interest rates unchanged.
As per Reuters, spot gold rose 1.4 per cent to $1,298.93 per ounce as of 11:41am ET (1641 GMT), having earlier touched a peak of $1,300.30, its highest since June 15, 2018. The metal was on course for its best week in four. Similarly, the US gold futures climbed 1.5 per cent to $1,298.30 per ounce.
“The major catalyst supporting gold is a big drop in the dollar, amid expectations the Fed will reiterate a pause to its hiking cycle next week,” said Fawad Razaqzada, an analyst with Forex.com.