Nepal | May 20, 2019

Gold, silver prices fall

Himalayan News Service

Kathmandu, March 30

Gold price came down by Rs 700 per tola while the price of silver too fell by Rs 10 a tola over the trading week between March 24 and 29.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), the bullion market opened on Sunday with gold price fixed at Rs 60,400 per tola. However, gold price increased by Rs 200 a tola on Monday to Rs 60,600 per tola. On Tuesday, price of the yellow metal came down by Rs 100 per tola to settle at Rs 60,500 a tola. Similarly, price of gold further dropped by Rs 100 a tola the next day to Rs 60,400 per tola. On Thursday, price of the bullion declined by Rs 100 per tola to Rs 60,300 a tola. Price of gold fell by Rs 600 a tola on Friday to close week’s trading at Rs 59,700 per tola.

Meanwhile, silver price was fixed at Rs 740 per tola on Sunday. Though the price of silver remained constant till Wednesday, its price came down by five rupees per tola on Thursday to Rs 735 a tola. Price of silver plummeted further by five rupees a tola on Friday to close the week’s trading at Rs 730 per tola.

As per Reuters, the price of gold is expected to rise to $1,532 an ounce by October next year, delegates to the London Bullion Market Association’s annual gathering predicted on Tuesday. A poll of delegates at the LBMA conference in Boston also predicted higher prices in a year’s time for silver, platinum and palladium.

“Spot gold has had a difficult few months, falling from a high of $1,366.07 in January to as low as $1,159.96 in August as the dollar strengthened and the US Fed pushed ahead with interest rate rises,” stated Reuters.

A version of this article appears in print on March 31, 2019 of The Himalayan Times.

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