Kathmandu, September 14

The price of gold and silver went down in the trading week between September 8 and 13. The bullion price has dropped in the domestic market due to expectations that the trade war between the United States and China will be settled.

As per Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold price was set at Rs 71,500 per tola on Sunday. On Monday, price of the yellow metal increased by Rs 200 a tola to be traded at Rs 71,700 per tola. However, next day gold price declined by Rs 700 per tola to settle at Rs 71,000 a tola and it remained constant on Wednesday.

As the bullion price in the international market is going down with hopes for a settlement in the US-China trade tensions, the price of the yellow metal is also going down in the domestic market, said Mohan Kumar Sunar, president of FeNeGoSiDA. “Due to a green signal that the US-China trade conflict could be sorted out, the gold price is declining in the international market,” he said, “Moreover the exchange rate of dollar has also declined in the domestic market. This has also supported gold price to fall in the market.”

Giving continuity to the decline, gold price reached Rs 70,800 per tola on Thursday falling by Rs 200 a tola. On Friday, gold price again declined by Rs 200 a tola to close the trading week at Rs 70,600 per tola.

According to Reuters, gold erased earlier losses as investors covered short positions ahead of a European Central Bank meeting, but improved risk

appetite on hopes of a thaw in US-China trade tensions limited the bullion’s advance.

Meanwhile, Sunar said that gold price is likely to go down in coming days. The gold price dropped by Rs 1,400 per tola in the review period compared to the closing price of Rs 72,000 a tola in the previous week.

Meanwhile, silver price also fell in review week. As per FeNeGoSiDA, price of the grey metal was Rs 885 per tola when the market opened on Sunday and reached Rs 880 a tola next day declining by five rupees a tola. Giving continuity to the fall in its price, silver reached Rs 870 per tola on Tuesday falling by Rs 10 a tola. However, price went up by Rs 10 per tola on Wednesday to settle at Rs 880 a tola. On Thursday, silver price reached Rs 875 per tola declining by five rupees.

On Friday, the price again declined by five rupees a tola to close the week’s trading at Rs 870 per tola.

Silver price declined by Rs 30 per tola in the review period as compared to the previous trading week’s closing rate of Rs 900 a tola.