Kathmandu, August 31
The price of bullion in the domestic market witnessed fluctuations in the trading week between August 25 and 30.
As per the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold price that has been increasing for the last one-and-a-half months declined during the review period and reached Rs 72,400 pertola.
As per FeNeGoSiDA, gold price declined slightly in the review period as the United States and China have shown some sort of a green signal for trade talks. Similarly, short-term investors are capitalising ton he healthy increment of the bullion commodity, which has led to some correction in international gold price.
According to FeNeGoSiDA, gold was traded at Rs 72,500 atolaon Sunday. However, on Monday, its price increased by Rs 1,000 pertolato Rs 73,500 atola. On Tuesday, the gold price declined by Rs 900 pertolato be traded at Rs 72,600 atolaand remained constant on Wednesday. However, the price of the precious yellow metal again went up by Rs 800 pertolato be traded at Rs 73,400 atolaon Thursday. On Friday, though, bullion price declined by Rs 1,000 pertolato close the week at Rs 72,400 atola.
Nevertheless, gold price went up by Rs 900 pertolain the review period compared to the previous week’s closing rate of Rs 71,500 atola.
Meanwhile, silver was traded at Rs 850 pertolaon Sunday. Its price went up by Rs 10 atolaon Monday to be traded at Rs 860 pertolaand it remained constant the next day. On Wednesday, price of the grey metal gained by Rs 20 atolato be traded at Rs 880 pertola. Continuing the price gain, silver price reached Rs 895 atolaon Thursday, up Rs 15 pertola. However, the price of silver declined by Rs 10 atolato be traded at Rs 885 pertolaon Friday.
Silver price surged by Rs 55 atolacompared to the previous closing rate of Rs 830 pertola.
According to Reuters, gold prices fell on Friday on a slight recovery in equities markets and Treasury yields, but was on track for a fourth-straight monthly gain as fears of a global recession and uncertainty on US-China trade relations drove investors to safe havens.
Chinese and US trade negotiating teams are maintaining effective communication, a day after both sides discussed the next round of in-person negotiations in September, China’s foreign ministry said on Friday.
On Thursday, China’s commerce ministry said a September round of meetings was being discussed by the two sides, but added it was important for Washington to cancel a tariff increase.
Positive signs on the trade front also lifted world stocks to a one-week high, limiting bullion’s upside, Reuters reported.
A version of this article appears in print on September 01, 2019 of The Himalayan Times.