Price of precious metals witnesses gains

Kathmandu, January 14

Precious metals, which had dropped following the interest rate hike by the US central bank, clocked gain for the second consecutive week — between the period of January 8 and 13.

"Gold price edged up in the past week owing to reports of US central bank hinting towards possibility of revising pace of interest hikes and increased demand from China (the biggest importer of the yellow metal)," explained Dharma Sundar Bajracharya, general secretary of the Federation of Nepal Gold and Silver Dealers' Association (FeNeGoSiDA), in a statement.

However, bullion price is expected to either stabilise or dip in coming week due to annual Spring Festival in China, as per FeNeGoSiDA.

Gold was priced at Rs 53,700 per tola when the market opened on Sunday. Bullion price rose over the next four days — up Rs 100 a tola to Rs 53,800 per tola on Monday; up Rs 300 per tola to Rs 54,100 per tola on Tuesday; up Rs 200 a tola to Rs 54,300 per tola on Wednesday and up Rs 300 a tola to Rs 54,600 per tola on Thursday. The price of the yellow metal, however, remained constant on Friday. Over the six trading days, gold price went up by Rs 900 a tola or 1.67 per cent.

Similarly, silver was being traded at Rs 780 per tola on Sunday and its price remained unchanged the next day. The white metal edged up by five rupees a tola each day for the next two days to be traded at Rs 785 per tola on Tuesday and Rs 790 a tola on Wednesday. Silver price remained the same during the remainder of the week. Silver recorded a gain of Rs 10 per tola or 1.28 per cent.