Nepal | November 23, 2019

Price of precious metals takes a hit

Himalayan News Service

Kathmandu, February 9

Gold price came down by Rs 200 per tola while that of silver fell by five rupees a tola in the trading week between February 3 and 8.

As per the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), the price of gold was recorded at Rs 62,300 per tola on Sunday. Price of the gold increased by Rs 200 a tola on Monday to settle at Rs 62,500 per tola. Price of the yellow metal rose further on Tuesday by Rs 100 per tola to Rs 62,600 a tola.

However, bullion price fell by Rs 200 a tola on Wednesday to Rs 62,400 per tola. Gold price further plummeted by Rs 400 per tola the next day to Rs 62,000 a tola. However, price of the precious metal rose by Rs 100 per tola on Friday to close the week’s trading at Rs 62,100 a tola.

Meanwhile, silver was traded at Rs 780 per tola on Sunday. Though price of silver stayed constant on Monday, it rose by five rupees per tola to Rs 785 a tola on Tuesday. On Wednesday, price of silver fell by five rupees a tola to Rs 780 per tola. Its price further decreased by five rupees per tola on Thursday to Rs 775 a tola. Silver price remained constant on Friday to close the week’s trading at Rs 775 per tola.

According to Reuters, gold rose on Friday as a gloomy global economic outlook dented risk appetite, but a firm dollar stemmed bullion’s advance and kept the metal on track for its first weekly decline in three.

Spot gold was up 0.3 per cent at $1,313.95 per ounce at 1:54pm EST (1854 GMT), having recovered from an over one-week low of $1,302.11 touched on Thursday. “With equities a little lower here, we’re getting some flight to safety in gold,” said Bob Haberkorn, senior market strategist at RJO Futures.

“The fact that the US economy is not seeing weak data like the eurozone is supportive of the dollar. If the dollar was a little weaker today, gold would probably be up $7 or $8, instead of $3.”

A version of this article appears in print on February 10, 2019 of The Himalayan Times.

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