Precious metals become dearer

Kathmandu, January 19

Gold price rose slightly in the domestic market in the trading week of January 13-18 following the rise in its price in the global market owing to different reasons including the expectations of a pause in the US Federal Reserve rate hike cycle, prolonged partial US government shutdown and concerns surrounding the Brexit.

According to the statistics maintained by the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), the yellow metal became dearer by Rs 500 per tola to Rs 61,000 a tola on Friday. Similarly, price of silver also increased by five rupees per tola to Rs 765 a tola over the week.

The market opened on Sunday with the price of gold at Rs 60,500 per tola. The price of the precious metal increased by Rs 100 a tola to Rs 60,600 per tola on Monday. Gold price continued to surge on Tuesday too as its price rose by Rs 400 per tola to Rs 61,000 a tola. However, gold price remainedunchanged in the remaining days to close the week’s trading at Rs 61,000 per tola on Friday.

Similarly, the silver market opened on Sunday with its price fixed at Rs 760 per tola. Though the price of silver remained unchanged on Monday, it increased by five rupees per tola on Tuesday to Rs 765 a tola. Meanwhile, the price of silver remained constant for the remainder of the trading week to close at Rs 765 per tola on Friday.

In the international market, gold edged down 0.1 per cent to $1,292.13 per ounce, with a psychological resistance of $1,300 holding a solid roof over its head. US gold futures settled 0.1 per cent lower at $1,292.30.

“Gold dipped after the good jobless claims number from the United States, and has not recovered since. Now, the dollar is grinding higher with yields backing up, further weighing on the metal,” BMO’s Wong told Reuters.