Nepal | September 22, 2020

Precious metals set new record price in domestic market

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Both gold and silver prices set a new record in the domestic market during the trading week between August 2 and 7.

In the last one week, gold price set new records each day. In the meantime, silver price also hit an all-time high during the review period.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 99,600 per tola on Sunday and it remained constant on Monday.

However, on Tuesday gold price increased by Rs 200 a tola to reach Rs 99,800 per tola.

On Wednesday, gold price reached Rs 101,400 a tola, going up by Rs 1,600 per tola and on Thursday bullion price reached Rs 102,500 a tola, rising by Rs 1,100 per tola.

On Friday, price of the precious yellow metal went up by Rs 1,000 a tola to Rs 103,500 per tola for the trading week.

Gold price increased by Rs 4,200 a tola during the review week compared to the closing rate of Rs 99,300 per tola in the previous review period.

As per Reuters, gold slumped over two per cent in the international market on Friday, snapping its record-breaking rally, after a decent US jobs report boosted the dollar, but a worsening pandemic kept prices on course for their longest streak of weekly gains in a decade.

Bullion has risen 34 per cent this year amid surging COVID-19 cases, which have battered global economies and prompted unprecedented stimulus measures. Physical gold remained out of favour in most Asian hubs this week as a worsening pandemic kept retail buyers away with global benchmark spot prices at historic highs, while logistical challenges plagued the Indian market, Reuters reported.

Amid this, silver price reached all time high of Rs 1,405 per tola.

As per FeNeGoSiDA, silver was priced at Rs 1,230 a tola on Sunday and it remained constant till Tuesday. However on Wednesday, silver price reached Rs 1,295 per tola, going up by Rs 65 a tola. On Thursday, silver was traded at Rs 1,345 per tola surging by Rs 50 a tola overnight.

On Friday, price of the grey metal increased by Rs 60 per tola to close the trading week at a new peak of Rs 1,405 a tola.

Silver price increased by Rs 205 per tola during this review period compared to the closing rate of Rs 1,200 a tola in the previous week.

A version of this article appears in e-paper on August 9, 2020, of The Himalayan Times.

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