Gold yo-yoing as global fiscal crisis affects markets abroad

Kathmandu, December 26:

Gold this week opened at Rs 20,790 per 10 gram, Rs 85 less than last week’s opening price. Last week, it had opened at Rs 20,875 per 10 gram.

International financial crisis is causing fluctuations in the price, said Nepal Gold and Silver Dealers’ Association (NEGOSIDA).

Gold opened in the international market at $847 per ounce. It was $850 per ounce last week. Purchasing power has been hit due to the recession and to protect liquidity, gold this week was priced at $847, said NEGOSIDA.

After opening at Rs 20,790 per 10 gram, gold increased by Rs 170 to Rs 20,960 on Monday. On Tuesday, it edged up to reach Rs 21,260 — Rs 300 more than Monday’s price. On Wednesday, gold stayed steady. Thursday, it dropped by Rs 210 to Rs 21,050. It closed at the same on Friday.

NEGOSIDA said the international market was in crisis with no sign of improvement in the share market. Also, there is no improvement in the dollar’s value, a factor that is affecting the price of gold.

Silver opened at Rs 298 per 10 gram this week. Last week, it was Rs 291.50. The new opening price stayed steady till Tuesday. On Wednesday, it slipped to Rs 295 per 10 gram. Though the opening price of silver was higher than the previous week’s, it again came down to the same price that is Rs 291.5 per 10 gram on Thursday and closed at the same on Friday.