Kathmandu, February 13
Gold and silver prices increased by whopping Rs 2,200 and Rs 30 per tola, over the week — from February 7 to 12.
Gold and silver prices have gone up for four consecutive weeks in the domestic market as the increasing demand
of the precious metals has pushed the prices higher in the international market.
In the last one month alone, gold and silver prices have skyrocketed by Rs 5,600 and Rs 65 per tola, respectively, in the domestic market.
The prices of the precious metals in the domestic market are governed by the rates set in the international market.
“The surge in demand has pushed the price higher, with spot prices up 16 per cent since the beginning of 2016, representing the precious metal’s best start to the year since 1980,” The Telegraph, UK reported recently.
The stock market plunge and possible slowdown of global economy has triggered a gold buying spree because gold is considered to be the best insurance during times of uncertainty.
Gold price has increased by 4.13 per cent in the week to over 22-month high and silver price has also recorded a weekly gain of 4.19 per cent to about nine-month high in the domestic market, according to Federation of Nepal Gold and Silver Dealers’ Association (FeNegosida).
The last time the precious yellow metal was traded at a similar level was on March 23, 2014, when it was priced at
Rs 55,800 per tola.
Silver, on the other hand, was priced at Rs 750 per tola on May 19 of last year.
In the review period, the market opened on Sunday with gold price fixed at Rs 53,300 per tola. The price of precious
yellow metal dipped marginally by Rs 300 per tola to be traded at Rs 53,000 per tola on Monday.
Bullion price increased by Rs 1,000 per tola in a single day on Tuesday and was fixed at Rs 54,000 per tola.
Its price remained unchanged on Wednesday.
On Thursday, gold price went up by Rs 500 per tola and was traded at Rs 54,500 per tola. The price of precious
yellow metal again recorded an upswing of Rs 1,000 per tola in a single day on Friday to close the week at Rs 55,500 per tola.
Likewise, price of silver also increased by Rs 30 per tola during the six trading days of the week.
The market opened on Sunday with silver price fixed at Rs 715 per tola. The price of white metal remained unchanged
On Tuesday, silver price gained Rs 15 per tola in a single day and was traded at Rs 730 per tola.
The price of white metal remained constant till Thursday.
Silver price again surged by Rs 15 per tola and was fixed at Rs 745 per tola on Friday — the last trading day of the week.
A version of this article appears in print on February 14, 2016 of The Himalayan Times.