Kathmandu, February 6

Gold and silver prices surged by a whopping Rs 1,300 and Rs 15 per tola over the week — between January 31 to February 5.

Gold price advanced by 2.54 per cent to over an eight-month high and silver price also rose by 2.17 per cent to about a three-month high in the domestic market, according to the Federation of Nepal Gold and Silver Dealers’ Association.

The last time the precious yellow metal had traded at a similar level was on May 26 of last year, when it was priced at

Rs 52,500 per tola. Silver, on the other hand, was priced at Rs 705 a tola on November 8.

The price of the precious metals started to sky-rocket since the previous week, when price of gold and silver had increased by Rs 1,100 and Rs 15 per tola, respectively.

Gold has rallied in the international market since the last week because investors have started shifting their investment in precious metals as worries over a slowing global economy have hit stocks and crude oil again.

The prices of precious metals in the domestic market are governed by the rates set in the international market.

“A shaky global economy has lifted buying interest in gold, making it among the best performing assets since the start of 2016 with a gain of nearly 10 per cent,” according to a recent Reuters report.

The market opened on Sunday with gold price fixed at Rs 51,200 per tola and the price remained unchanged on Monday.

The price of the precious yellow metal edged up by Rs 300 a tola on Tuesday to be traded at Rs 51,500 per tola and gold continued its upswing till Friday.

Gold price went up by Rs 200 per tola on Wednesday to be fixed at Rs 51,700 a tola. The bullion price took another leap on Thursday to be traded at Rs 52,000 a tola. Gold price went up by Rs 500 per tola in a single day on Friday to settle at Rs 52,500 a tola.

Likewise, the price of silver also increased by Rs 15 per tola during the six trading days of the week.

The market opened on Sunday with silver price fixed at Rs 690 a tola. Price of the white metal remained constant till Wednesday.

Silver price increased by Rs 10 a tola on Thursday to be traded at Rs 700 per tola. Price of white metal again went up by five rupees per tola and was fixed at Rs 705 a tola on Friday — the last trading day of the week.