Nepal | May 29, 2020

Price of bullion declines slightly in domestic market

Himalayan News Service
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Kathmandu, November 23

The price of bullion declined slightly in the trading week between November 17 and 22. According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNe- GoSiDA), the domestic market witnessed fluctuations in the review week as the value of the US dollar increased in the international market.

As per FeNeGoSiDA, was traded at Rs 71,800 per tola on Sunday. On Monday though, gold price declined by Rs 200 per tola to Rs 71,600 per tola. However, the price went up next day by Rs 400 a tola to be traded at Rs 72,000 a tola. The price of the yellow metal further rose by Rs 100 a tola on Wednesday to Rs 72,100 per tola. On Thursday, however, the price again fell by Rs 100 per tola to Rs 72,000 a tola. Gold price continued to decline on Friday to settle at Rs 71,700 per tola after falling by Rs 300 a tola.

Gold price declined by Rs 100 per tola in the review period compared to its closing rate of Rs 71,800 a tola in the previous week.

As per FeNeGoSiDA, bullion price witnessed fluctuations in domestic market in review week after American dollar’s value strengthened in market and domestic sale of yellow metal also increased in the US. Meanwhile, the green signal of trade talks between China and the United States at the end of the trading week caused a slight decline in gold prices on Friday.

Meanwhile, Reuters reported that gold prices edged lower on Friday as the dollar and treasuries strengthened after data showed US manufacturing output and services activity picked up, limiting demand for the yellow metal.

Gold demand remained subdued in China this week against a backdrop of slowing economic growth, and in Hong Kong where protests continued, while prices in India flipped into discount, Reuters reported.

Meanwhile, silver was traded at Rs 855 per tola on Sunday.

On Monday, silver price declined by five rupees a tola to settle at Rs 850 per tola. On Tuesday, price of the grey metal reached Rs 860 per tola rising by Rs 10 a tola. It again rose on Wednesday by five rupees a tola to Rs 865 a tola.

However, the next day silver price declined by five rupees a tola to settle at Rs 860 per tola and it remained constant on Friday.

Silver price increased by five rupees a tola this trading week compared to last Friday’s rate of Rs 855 per tola.

A version of this article appears in print on November 24, 2019 of The Himalayan Times.

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