Nepal | April 25, 2019

Price of precious metals becomes dearer

Himalayan News Service

Kathmandu, February 2

While the price of gold increased by Rs 1,100 per tola over the trading week between January 27 and February 1, silver price also rose by Rs 15 a tola during the week.

As per the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold price was fixed at Rs 61,200 per tola on Sunday. Gold became dearer by Rs 200 a tola to Rs 61,400 per tola on Monday. Price of the yellow metal further increased by Rs 100 per tola to Rs 61,500 a tola on Tuesday. The price of the precious metal again went up the next day by Rs 700 a tola to Rs 62,200 per tola. Though gold price remained constant on Thursday, its price ascended by Rs 100 per tola on Friday to close week’s trading at Rs 62,300 a tola.

Meanwhile, price of silver was fixed at Rs 765 per tola on Sunday. Silver price increased by five rupees per tola on
Monday to Rs 770 a tola. Though silver price remained constant the next day, it went up by Rs 10 per tola on Wednesday to settle at Rs 780 a tola. Silver price remained constant for the remainder of the trading week to close at Rs 780 per tola on Friday.

Gold slipped on Friday, in the international market weighed down by robust US jobs data, but remained on course for a second week of gains buoyed by the US Federal Reserve’s signal that it would pause its interest rate hikes. As per Reuters, spot gold dipped 0.2 per cent to $1,317.61 per ounce, having hit a nine-month peak of $1,326.30 on Thursday.

US gold futures settled down 0.2 per cent to $1,322.10. “The current dip is due to a combination of a very sturdy payrolls
report, despite the US government shutdown, as well as strong manufacturing data from the US,” said Tai Wong, head of base and precious metals derivatives trading at BMO.

“Gold has also had a great run this week, surging above $1,300, so there is a bit of profit-taking here.”

The dollar turned positive after data showed that hiring in the United States rose to an 11-month high in January, taking some shine off the metal. The overall outlook for gold remains positive, analysts said.

As per Reuters, the metal has gained nearly 14 per cent since hitting more than one-and-a-half year lows in August, mostly due to tumultuous stock markets and on expectations the Fed could pause its rate hike cycle.


A version of this article appears in print on February 03, 2019 of The Himalayan Times.


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