Nepal | November 26, 2020

Price of precious metals surges significantly

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The price of precious metals surged in the trading week between November 1 and 6 as investors reaped the benefits of a lower US dollar in an uncertain environment, where markets are betting on a Biden win in the US presidential election.

According to the price rate of Federation of Nepal Gold and Silver Dealers’ Association (FeNe- GoSiDA), gold was traded at Rs 95,000 per tola on Sunday and its price remained unchanged the next day. On Tuesday, the bullion price rose by Rs 400 a tola to Rs 95,400 per tola and surged by Rs 900 a tola to Rs 96,300 per tola on Wednesday. On Thursday, however, the price of the precious yellow metal dipped by Rs 100 a tola to be traded at Rs 96,200 per tola.

Then on Friday, gold price soared by Rs 1,000 a tola to close the trading week at Rs 97,200 per tola.

The bullion price went up by Rs 2,200 a tola or 2.31 per cent over the review period.

According to Reuters, gold prices rose in the international markets on Monday as investors remained nervous ahead of the US presidential election on November 3 and as a surge in COVID-19 cases and renewed lockdowns in some countries increased uncertainty about the global economic outlook.

Then on Tuesday, gold prices held steady as a jump in riskier assets offset the impact of strict lockdowns across Europe and markets are wary while awaiting results of the US presidential election.

Gold fell more than one per cent on Wednesday as the dollar emerged as the favoured safe haven from a much closer US presidential race than investors expected following President Donald Trump’s strong performance in some swing states.

The precious yellow metal held firm in a narrow range on Thursday as investors were cautiously optimistic that Democrat Joe Biden would edge past President Donald Trump in a tight race to the White House.

On Friday, gold rose en route to its best week in more than three months as the dollar slid on uncertainty surrounding the US election outcome, with bets for continued pandemic-led stimulus and accommodative monetary policy bolstering bullion’s appeal.

Meanwhile, silver was priced at Rs 1,195 per tola on Sunday, as per the federation. Its price went up by Rs 10 a tola to Rs 1,205 per tola on Monday and jumped by another five rupees a tola to Rs 1,210 per tola on Tuesday.

On Wednesday, however, silver price fell by five rupees a tola to Rs 1,205 per tola. The grey metal recovered the loss the very next day by rising five rupees a tola to be traded at Rs 1,210 per tola on Thursday. Then on Friday, silver price advanced by Rs 45 a tola to close the week at Rs 1,255 per tola.

The price of the grey metal rose by Rs 60 a tola or 5.02 per cent during the review week.

A version of this article appears in print on November 08, 2020 of The Himalayan Times.

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