Precious yellow metal on the downslide

KATHMANDU: The domestic market for gold fell this week. The market opened at a high of Rs 24,175 but closed at Rs 23,665 per 10 gram at the end of the week — a fall of Rs 510. After Sunday’s opening of Rs 24,175 a fall was observed in the gold market on Monday with gold getting traded for Rs 23,835 per 10 gram, according to Nepal Gold and Silver Dealers’ Association (NEGOSIDA).

Yet another fall of Rs 685 was observed in gold with its price lowering to Rs 23,150 on Tuesday. Gold rose slightly by Rs 170 and was traded for Rs 23,320 per 10 gram on Wednesday. On Thursday, gold hiked by Rs 255 going up to Rs 23,575. On Friday, gold closed at Rs 23,665 — an increase of Rs 90 compared to Thursday’s trading amount yet a decrease of Rs 510 compared to the opening price.

Meanwhile, silver opened at Rs 368 per 10 gram, falling to Rs 366 on Monday. Silver further decreased to Rs 363.50 on Tuesday and got traded for the same amount on Wednesday. On Thursday, silver priced at Rs 365 and closed at Rs 367 on Friday.

According to NEGOSIDA, gold opened at $926 per ounce in the international market and closed at $951 per ounce.