Gold, silver prices rise slightly

Kathmandu, December 21

Bullion prices went up slightly this trading week between December 15 and 20 in the domestic market.

According to the Federation of Nepal Gold and Silver Dealers’ Association, gold was traded at Rs 71,300 per tola on Sunday and remained constant on Monday. However, on Tuesday, gold price went up by Rs 200 per tola to be traded at Rs 71,500 a tola.

On Wednesday, gold price again rose by Rs 100 per tola to reach Rs 71,600 a tola and it remained constant till Friday to close the trading week at Rs 71,600 per tola.

Compared to the previous week’s closing rate of Rs 70,800 per tola, gold price increased by Rs 800 a tola in the review period.

Meanwhile, during the review period, silver price remained almost constant with a minor increase in price. According to FeNeGo- SiDA, silver was traded at Rs 845 per tola on Sunday and remained constant on Monday.

On Tuesday, price of the grey metal increased by five rupees a tola to be traded at Rs 850 per tola and it remained constant till Friday.

Compared to the closing rate of Rs 840 per tola in the previous week, period silver price increased by Rs 10 a tola in this trading week.

FeNeGoSiDA has stated that the bullion price remained almost steady this trading week as the international market remained calm targeting the upcoming holiday season.

Meanwhile, Reuters has reported that gold prices trod water as equity markets scaled record highs on optimism that the bitter US-China trade war will be resolved soon, while investors awaited US growth data for more cues on the economy’s health. Gold prices were subdued as investors remained on the sidelines ahead of the holiday season.

Likewise, gold demand was also subdued in major Asian hubs this week, with India in the midst of protests against a new citizenship law that disrupted some retail buying and traders elsewhere banking on the Chinese New Year for an uptick in sales, Reuters reported.