Nepal | August 04, 2020

Price of precious metals rises in domestic market

Himalayan News Service
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Price of precious metals surged in the domestic market during the trading week between July 5 and 10.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), on Sunday gold was priced at Rs 90,500 a tola and declined by Rs 300 a tola on Monday to Rs 90,200 per tola.

However, on Tuesday gold price surged by Rs 700 a tola to Rs 90,900 per tola and again surged by Rs 600 a tola on Wednesday to reach Rs 91,500 per tola. On Thursday, gold price hit all-time high of Rs 92,400 a tola rising by a whopping Rs 900 a tola.

Meanwhile, on Friday gold price declined by Rs 200 per tola to close the trading week at Rs 92,200 a tola.

Gold price increased by Rs 1,700 per tola during the review period compared to the closing rate of Rs 90,500 a tola in the previous week.

Meanwhile, silver price also soared during the review week. Silver was traded at Rs 940 per tola on Sunday and its price remained constant on Monday. On Tuesday, silver price increased by Rs 10 a tola to Rs 950 per tola and again went up by five rupees a tola on Wednesday to reach Rs 955 per tola.

On Thursday, silver price surged to Rs 980 a tola, going up by Rs 25 per tola and it remained constant on Friday.

Silver price increased by Rs 40 a tola during the trading week compared to the closing rate of Rs 940 per tola in the previous review period.

According to Reuters, gold held above the key $1,800 level, en route to a fifth straight weekly gain as a jump in US COVID-19 infections underpinned demand for safe-haven assets.

Physical gold sold at a premium in India this week for the first time this year, driven by the plunging imports and a near halt in smuggling that offset the impact of high unemployment and a rise in domestic prices across Asia that could deter buyers, Reuters reported.

A version of this article appears in e-paper on July 12, 2020, of The Himalayan Times.

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