Gold, silver prices increase
Kathmandu, May 12
The price of precious metals rose in the trading week between May 6 and 12 on persistent buying by local jewellers amid a firm trend overseas.
The weakening of the US dollar and tensions between the United States and Iran also supported the precious metal, the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA) said in a statement.
On Tuesday, US President Donald Trump withdrew from a nuclear accord with Iran, raising the risk of conflict in the Middle East.
Gold is traditionally seen as a safe place to park assets in times of uncertainty or conflict.
Traders said continued buying by local jewellers in the ongoing wedding season also kept the precious metals’ prices elevated.
FeNeGoSiDA had fixed the trading rate of gold at Rs 58,700 per tola when the market opened on Sunday and its price had surged by Rs 300 a tola to Rs 59,000 per tola on Monday. Bullion price remained steady over the next two days before jumping by Rs 100 a tola each day for thesubsequent two days, to be traded at Rs 59,100 per tola on Thursday and Rs 59,200 a tola on Friday.
The association had set the rate of silver at Rs 760 per tola on Sunday and its price rose by five rupees a tola to Rs 765 per tola on Monday. Akin to gold, price of the grey metal was unchanged on Tuesday and Wednesday.
On Thursday and Friday, however, silver price went up by five rupees a tola each day to be traded at Rs 770 per tola and Rs 775 a tola,