Nepal | September 27, 2020

Price of precious metals declines

Himalayan News Service
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Kathmandu, August 18

The price of precious metals dropped to nearly an eight-month low on dollar strength in the trading week between August 12 and 17.

“Apart from strengthening of the greenback owing to Turkey crisis, selling pressure of gold, robust share market and drop in oil prices contributed to the fall in gold price,” the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA) said in a statement.

As per the federation’s price list, gold was traded at Rs 56,200 per tola on Sunday and its price went up by Rs 200 a tola to
Rs 56,400 per tola on Monday. Starting Tuesday, however, bullion price went on a free fall. It dropped by Rs 300 a tola to
Rs 56,100 per tola on Tuesday, slipped by Rs 100 a tola to Rs 56,000 per tola on Wednesday and fell by Rs 400 a tola to Rs 55,600 per tola on Thursday. On Friday, the price of the precious yellow metal was unchanged. The last time gold was traded at the current level was back on December 28, 2017.

As per FeNeGoSiDA price list, silver was traded at Rs 735 a tola on Sunday and its price went up by five rupees per tola to Rs 740 a tola on Monday. The price of the grey metal fell by five rupees per tola each day for the next two days — to be traded at Rs 735 a tola on Tuesday and Rs 730 per tola on Wednesday. On Thursday, silver price plunged by Rs 15 a tola to Rs 715. On Friday, however, it recovered by five rupees a tola to close the week at Rs 720 per tola — the level it was last traded at on December 22, 2017.

In India, the physical gold demand regained momentum as jewellers stocked up after prices dipped to their lowest in over seven months, with lower prices attracting fresh buying and driving premiums higher in other major Asian hubs as well.

Dealers in India, the second biggest gold consumer after China, were charging a premium of up to $1 an ounce, compared with a discount of $1.5 last week, as prices fell to their lowest since January 10, at INR 29,268, earlier on Friday, Reuters reported.

India’s gold imports rose for the first time in seven months in July to 75 tonnes, provisional data from metals consultancy GFMS showed.

Meanwhile, global benchmark spot gold prices plunged to as low as $1,159.96 an ounce on Thursday, their lowest since January 2017, and was on track to register its worst week since May 2017.

A version of this article appears in print on August 19, 2018 of The Himalayan Times.

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