Kathmandu, June 8
Gold price increased in the trading week between June 2 and 7 as the trade war between the US and China further escalated. As per the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), the weak value of the US dollar and the drop in the share market also played a role in god price rising in the review week.
As per the association, gold was traded at Rs 61,500 per tola in the local market on Sunday and it remained constant on Monday. However, on Tuesday, the price reached Rs 61,700 per tola increasing by Rs 200 a tola. The price of the yellow metal continued to ascend on Wednesday, going up by Rs 300 a tola to Rs 62,000 per tola. On Thursday too the price of the bullion went up by Rs 300 per tola to Rs 62,300 a tola. However, it remained unchanged on Friday to close the week’s trading at Rs 62,300 per tola.
Gold price went up by Rs 1,300 a tola in the review period compared to the preceding week’s closing rate of Rs 61,000 a tola.
Meanwhile, silver price also witnessed an increment in the review period. As stated by FeNeGoSiDA, silver was traded at Rs 710 a tola on Sunday and it remained constant for the next two days. On Wednesday, price of the grey metal went up by five rupees per tola to be traded at Rs 715 a tola. Silver price, however, remained constant till Friday to close the week’s trading at Rs 715 a tola. In the previous week, silver had closed at Rs 705 per tola.
In the international market, gold prices steadied on Friday, but remained on course for their biggest weekly gain since March, 2018 after rising expectations for a US rate cut and concerns over trade tussles boosted demand for safe-haven bullion, Reuters reported. Global benchmark spot gold was headed for its best week this year, supported by expectations of an interest rate cut by the Federal Reserve and heightened global trade tensions.
Meanwhile, gold futures in India, the world’s second-biggest bullion consumer after China, hit their highest level since March 1, at INR 32,834 per 10 grams, earlier this week, as per Reuters.
A version of this article appears in print on June 09, 2019 of The Himalayan Times.