Nepal | October 28, 2020

Price of precious metals rises

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The price of precious metals jumped in the trading week between September 13 and 18, boosted primarily by weakening of the greenback.

According to the rate of Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 96,500 per tola on Sunday. On Monday, its price went up by Rs 400 a tola to Rs 96,900 per tola as the dollar weakened, while expectations around US Federal Reserve maintaining its dovish monetary policy this week boosted safe haven metal’s allure in the international markets.

Gold slipped from a near-two week high in international markets on Tuesday as the dollar rose, although hopes for a dovish monetary policy stance from the US Federal Reserve limited the safe-haven metals’ losses. In Nepal, however, bullion price rose by Rs 600 a tola to Rs 97,500 per tola that day.

In the international markets, gold prices rose on Wednesday, helped by a subdued dollar as investors bet on dovish monetary cues from the US Federal Reserve when it was scheduled to announce its policy decision later that day. Bullion price remained steady in domestic market on Wednesday.

On Thursday, gold prices fell as the dollar climbed after the US Federal Reserve painted a favourable economic recovery picture but stopped short of offering concrete signals on further stimulus.

Following the same trend, the price of precious yellow metal slumped by Rs 900 a tola to Rs 96,600 per tola in the domestic market on Thursday.

On Friday, gold prices rose on subdued dollar and weak US jobs data. Gold price rose by Rs 400 a tola to close the week at Rs 97,000 per tola.

During the review week, the price of precious yellow metal rose by Rs 400 a tola or 0.52 per cent.

Reuters reported gold jewellers in India are pinning hopes on an upcoming festival season, with dealers offering discounts for a fifth straight week to lure customers back to shops, as activity remained muted in Asian bullion hubs.

As per FeNeGoSiDA, silver was priced at Rs 1,310 per tola on Sunday. Its price went up by Rs 10 a tola to Rs 1,320 per tola on Monday and jumped by Rs 20 a tola to Rs 1,340 per tola on Tuesday. On Wednesday, the price of grey metal was unchanged, but on Thursday, its price fell by Rs 20 a tola to be traded at Rs 1,320 per tola. On Friday, silver price recovered some of earlier day’s loss by jumping Rs 10 a tola to close the week at Rs 1,330 per tola.

The price of the grey metal went up by Rs 20 a tola or 1.53 per cent over the course of the week.

A version of this article appears in e-paper on September 20, 2020, of The Himalayan Times.

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