Nepal | July 19, 2019

Precious metals lose lustre

Himalayan News Service

Kathmandu, March 2

Price of gold fell by Rs 600 per tola over the trading week between February 24 and March 1 while the price of silver too came down by five rupees a tola.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 62,600 per tola on Sunday. Gold price increased by Rs 100 a tola to Rs 62,700 per tola on Monday. Price of the yellow metal
ascended again the next day by Rs 100 per tola to settle at Rs 62,800 a tola. However, price of the bullion came down by
Rs 200 a tola on Wednesday to close at Rs 62,600 per tola. Gold price dropped further by Rs 200 per tola on Thursday to
Rs 62,400 a tola. Price of the yellow metal fell further by Rs 400 a tola on Friday to close the week’s trading at Rs 62,000 per tola.

Meanwhile, price of silver was fixed at Rs 775 per tola on Sunday. Silver price increased by five rupees per tola on Monday to Rs 780 a tola. Though silver price remained unchanged on Tuesday, its price came down by five rupees per tola on Wednesday to settle at Rs 775 a tola. Silver price remained constant on Thursday as well. However, the price of silver fell by five rupees per tola on Friday to close the week’s trading at Rs 770 a tola.

As per Reuters, gold prices on Friday fell more than one per cent to their lowest since January, headed for their biggest weekly decline in more than one-and-a-half years, as the dollar strengthened and global stock advances spurred risk-taking.

Spot gold was at $1,293.38 an ounce at 2:18pm ET (1918 GMT), having fallen below the key 1,300 level for the first time since January 28. It is down about 2.6 per cent so far this week, the most since May 2017.

A version of this article appears in print on March 03, 2019 of The Himalayan Times.

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