Gold, silver prices on the wane

Kathmandu, August 8:

It seems the bullish trend in the bullion market has fizzled out. The price of gold plunged this week by Rs 685 per 10 gram to Rs 19,720 on Friday from Rs 20,405 last Sunday.

According to the Nepal Gold and Silver Dealers’ Association (NEGOSIDA), the stronger dollar and decline in the price of crude oil to $120 per barrel in the global market this week have pulled down the bullion market this week.

Gold gained Rs 45 to Rs 20,450 on Monday but came down to Rs 20,000 the very next day. The price further fell by Rs 280 per 10 gram to Rs 19,720 on Wednesday. The precious yellow metal gained slightly on Thursday and posted at Rs 19,890. However, it closed at Rs 19,720 on Friday, the last day of weekly trading in the domestic market.

In the international market also, gold price lost $42 to go down to $869 per ounce from last

week’s $911.

Silver opened at Rs 384 per 10 gram and remained static on Monday. But it declined to Rs 382 on Tuesday, Rs 380.50 on Wednesday and Thursday. It closed at Rs 380 per 10 gram on Friday.