Gold, silver prices on the decline

Kathmandu, December 19

Gold and silver prices declined by Rs 1,100 and five rupees per tola, respectively, over the week, from December 13 to 18.

Bullion price tumbled heavily in the global market to a six-year low this week following the US Federal Reserve’s interest rate hike on December 16. Price of bullion also declined in the Nepali market as the domestic rates are fixed as per the international market rates.

The market opened on Sunday with gold price fixed at Rs 48,800 per tola. Price of the precious yellow metal edged up by Rs 100 a tola on Monday to be traded at Rs 48,900 per tola. On Tuesday, however, gold price tumbled by Rs 400 per tola and was fixed at Rs 48,500 a tola and continued its free fall till Friday — the last trading day of a week.

On Wednesday, gold price declined marginally by Rs 100 per tola to be traded at Rs 48,400 a tola. The price of the precious metal remained unchanged on Thursday. Bullion price recorded a slump of Rs 700 a tola in a single day on Friday to settle at Rs 47,700 per tola.

Likewise, price of silver slumped by five rupees per tola in the six trading days of the week. The market opened on Sunday with silver price fixed at Rs 675 a tola and remained unchanged till Thursday. Price of the white metal went down by five rupees on Friday to settle at Rs 670 per tola on Friday.