Kathmandu, January 7

Precious metals surged in the first week of 2017 — between January 1 and 6 — owing to weakening of the US dollar.

“Speculations about the bullion price averaging at $1,200 per ounce this year also made the precious yellow metal more attractive in the international market,” said Dharma Sundar Bajracharya, general secretary of Federation of Nepal Gold and Silver Dealers’ Association, in a statement.

The price of precious metals in the domestic market is based on their rates in the international market.

Gold was priced at Rs 52,700 per tola when the market opened on Sunday and its price remained the same the next day. Bullion price rose every single day for the next four consecutive days — up Rs 200 a tola to Rs 52,900 per tola on Tuesday; up Rs 300 a tola to Rs 53,200 per tola on Wednesday; up Rs 300 a tola to Rs 53,500 per tola on Thursday and up Rs 200 a tola to Rs 53,700 per tola on Friday.

During the six trading days of the week, the price of the precious yellow metal went up by Rs 1,000 a tola or 1.9 per cent.

Similarly, silver was traded at Rs 755 per tola on Sunday and Monday. On Tuesday, the price of the white metal edged up by five rupees a tola to Rs 760 per tola. Silver price surged by Rs 15 a tola to Rs 775 per tola on Wednesday. The trading price of white metal inched up by five rupees a tola on Thursday to Rs 780 per tola and its price remained the same on Friday.

Over the course of the week, silver price rose by Rs 25 a tola or 3.31 per cent.