Gold and silver prices drop

Kathmandu, November 26

Even as the price of precious metals had gone up slightly in the beginning of the week, gold and silver prices eased by the end of the week — between November 20 to 25 — after positive US economic data further boosted the US dollar and case for a rate hike by US Federal Reserve in December.

Traders are certain that the Federal Reserve will raise rates next month, curbing the appeal of owning bullion because it doesn’t provide any yield.

The price of precious metals in domestic market is governed by their rates in the international market.

Gold was priced at Rs 55,000 per tola when the market opened for trading on Sunday.

The price of the yellow metal went up by Rs 100 a tola to Rs 55,100 per tola on Monday. Bullion price rose by Rs 300 a tola on Tuesday to Rs 55,400 per tola and its price remained the same on Wednesday.

The price of the precious yellow metal plunged by Rs 800 a tola to Rs 54,600 per tola on Thursday. On Friday, its price fell by Rs 400 a tola to Rs 54,200 per tola.

Over the week, gold price went down by Rs 800 per tola or 1.45 per cent.

Meanwhile, silver was priced at Rs 785 per tola on Sunday and its price remained same on Monday. Its price went up by five rupees a tola to Rs 790 per tola on Tuesday and was stable on Wednesday.

The white metal dropped by Rs 15 a tola to Rs 775 per tola on Thursday and was same on Friday.

In the review period, silver price dropped by Rs 10 a tola or 1.27 per cent.