Nepal | July 07, 2020

Gold steady, silver price up

Himalayan News Service
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Kathmandu, September 7

The price of gold remained steady while that of silver went up in the domestic market during the trading week between September 1 and 7.

According to Federation of Nepal Gold and Silver Dealers’ Association (FeNe- GoSiDA), gold was traded at Rs 72,000 per tola on Sunday and it remained constant on Monday. In the beginning of the week gold prices fell compared to the previous week as the dollar gained.

As per Reuters, strengthening of the dollar made the bullion costlier for investors holding other currencies, but fears of a global economic slowdown fuelled by intensifying US-China trade war kept prices near multi-year highs.

On Tuesday the gold price went up by Rs 500 a tola to be traded at Rs 72,500 per tola on the back of uncertainties over US-China trade ties and Brexit further boosting bullion’s safe-haven appeal.

Giving continuity to the price rise, the yellow metal surged to Rs 73,500 a tola on Wednesday, increasing by Rs 1,000 per tola.

According to Reuters, gold dipped in the international market on Wednesday as investors booked profits after a one per cent jump in the previous session and as political risks in Europe and Asia receded, but concerns over the global economy and the China-US trade war kept bullion close to a six-year peak.

Subsequently, on Thursday, the price of yellow metal declined by Rs 100 a tola in the domestic market to be traded at Rs 73,400 per tola.

On Thursday, it was reported that the United States and China had agreed to meet for senior-level trade talks in Washington in October.

Hence, gold price slumped by Rs 1,400 a tola on Friday to close the week at Rs 72,000 per tola.

As per Reuters, gold fell in the international market on Friday as upbeat remarks from Federal Reserve Chair Jerome Powell and improved risk appetite offset a weaker-than-expected US nonfarm payrolls report, putting bullion on track for a second straight weekly loss.

Along with this, demand for physical bullion was subdued in major Asian hubs as high prices dampened consumer interest, though some hefty discounts on offer in India led to slight uptick in buying ahead of a major festival season.

The price of precious metals in the local market is governed by their rates in the international market.

Gold price fell by Rs 400 a tola this week compared to previous week’s closing rate of Rs 72,400 per tola.

Meanwhile, silver price rose in the review period. As per FeNeGoSiDA, silver was traded at Rs 885 a tola on Sunday and its price was unchanged on Monday. Increasing by Rs 10 per tola, silver price reached Rs 895 a tola on Tuesday.

However, the price of grey metal went up by Rs 45 per tola to be traded at Rs 940 a tola on Wednesday and remained constant on Thursday.

On Friday, the silver price stood at Rs 900 per tola, down Rs 40 a tola.

Compared to the previous week’s closing rate of Rs 885 per tola, the silver price has increased by Rs 15 a tola.

A version of this article appears in print on September 08, 2019 of The Himalayan Times.

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