Kathmandu, March 18
The price of yellow metal and silver increased in the trading week between March 12 and 17.
In the domestic market, gold price surged by Rs 3,600 per tola, while silver prices rose by Rs 75 a tola during the review week.
According to the rate list of Federation of Nepal Gold and Silver Dealers' Association (FeNeGoSiDA), gold price was fixed at Rs 103,500 per tola when the market opened for trading on Sunday. Its price increased by Rs 600 a tola on Monday. On Tuesday, gold price soared by Rs 1,600 per tola and remained unchanged on Wednesday. Gold price rose further by Rs 100 a tola before increasing by Rs 400 per tola on Friday to close the trading week at Rs 107,100 a tola.
Meanwhile, silver was traded at Rs 1,245 per tola on Sunday and its price increased by Rs 10 a tola on Monday. The price of the grey metal went up by Rs 45 per tola on Tuesday and remained unchanged on Wednesday. Silver price increased by five rupees a tola on Thursday. Its price rose again by five rupees per tola on Friday to rest at Rs 1,310 a tola for the week.
As per international news agencies, gold prices surged more than two per cent on Friday as a wave of banking crises shook global markets and put bullion on track for its biggest weekly rise in three years, while bets solidified for a less aggressive Federal Reserve in its fight against inflation. The collapse of Silicon Valley Bank in the US has highlighted banks' vulnerabilities to sharply higher rates, while a rout in Credit Suisse shares has added to the market turmoil. The dollar and stock markets slid, making bullion a more attractive investment. While it is considered a hedge against economic uncertainties, gold's opportunity cost rises when interest rates are increased.
A version of this article appears in the print on March 19, 2023, of The Himalayan Times.
