Nepal | July 04, 2020

Precious metals shine in domestic market

Himalayan News Service
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Kathmandu, November 16

Price of bullion once again boomed in the domestic market in the trading week between November 10 and 15 as the tariff war between the United States and China increased the appeal of the precious metal in the international markets.

After the festive season, bullion trading was back to track in the domestic market as the price was going down gradually. However, this week the price went up again, as per Federation of Nepal Gold and Silver Dealers’ Associations (FeNeGoSiDA).

As per FeNeGoSiDA, gold was traded at Rs 71,000 per tola on Sunday. On Monday, gold price reached Rs 71,200 a tola, increasing by Rs 200 per tola and it remained constant on Tuesday. On Wednesday the gold price went up by Rs 200 a tola again to be traded at Rs 71,400 per tola. Giving the continuity to the price hike, gold was traded at Rs 72,000 a tola on Thursday, up Rs 600 per tola. However, on Friday the price of yellow metal fell by Rs 200 a tola to close the trading week at Rs 71,800 per tola.

The price of gold surged by Rs 1,900 a tola in the review week compared to the closing rate of Rs 69,900 per tola in previous trading week.

According to Reuters, gold prices slipped on Friday, on track to break a three-session winning streak as stock markets hit record highs following comments from US officials that progress was being made on the ‘phase one’ trade agreement with China.

Meanwhile, FeNeGoSiDA stated that gold price rose again in the domestic market after the United States didn’t give a green signal to reducing customs tax for China. Due to this, the international share market has been bearish. “Moreover, the Nepal government has also increased the customs duty on gold and silver, which has boosted up the gold price,” FeNeGoSiDA said in a statement.

In the meantime, in India, physical gold demand climbed this week, with sellers charging premiums for the first time in five-and-a-half months as jewellers took advantage of a price dip and lower imports squeezed supply, Reuters reported.

Akin to gold, silver price also went up in the domestic market.

According to FeNeGoSiDA, silver was traded at Rs 840 a tola on Sunday. On Monday, its price went up by five rupees per tola to be traded at Rs 845 a tola and remained constant on Tuesday. On Wednesday, the price of grey metal went up by five rupees per tola to be traded at Rs 850 a tola. On Thursday, silver price went up by Rs 10 per tola to Rs 860 a tola. However, on Friday, silver price fell by five rupees per tola to close the week at Rs 855 a tola.

Silver price went up by Rs 20 per tola in the review week compared to the closing rate of Rs 835 a tola last week.

A version of this article appears in print on November 17, 2019 of The Himalayan Times.

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