Price of precious metals increases

Kathmandu, January 5

As a result of the US dollar weakening in the international market the price of gold and silver in the domestic market increased in the trading week between December 30 and January 4.

As per the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 59,700 per tola on Sunday. It remained stable for the next two days. On Wednesday, however, the price of the bullion decreased by Rs 100 a tola to Rs 59,600 per tola. However, on Thursday, gold price soared by Rs 800 a tola to Rs 60,400 per tola. The price of the precious yellow metal decreased by Rs 100 a tola on Friday to close the week at Rs 60,300 per tola.

Meanwhile, silver was traded at Rs 745 per tola on Sunday and remained the same for the next three days. However, on Thursday, the price of the grey metal went up by Rs 15 a tola to Rs 760 per tola. The price of silver again increased by five rupees a tola on Friday to close the week at Rs 765 per tola.

The week-on-week review shows that gold price went up by Rs 600 a tola in the domestic market whereas that of silver

increased by Rs 20 a tola.

In the international market, gold fell on Friday, pulling back from a more than six-month peak hit earlier in the session, as robust US jobs data eased some concerns about an ailing economy, while palladium prices punched through the key $1,300 level for the first time, Reuters reported.

Spot gold slipped 0.8 per cent to $1,283.86 per ounce after dropping to $1,276.40.

The metal was however on track for a third straight weekly gain, up about 0.2 per cent so far, mainly helped by recent strong gains. It touched its highest level since mid-June at $1,298.42 earlier in the day.

US gold futures settled down 0.7 per cent at $1,285.80 per ounce, having briefly surpassed the psychological $1,300 per ounce level earlier in the session.