Nepal | December 13, 2019

Prices of precious metals decline

Himalayan News Service

Kathmandu, November 9

Bullion trading is gradually on the rise as its price declined soon after the festive season ended. Prices of gold and silver went down in the trading week between November 3 and 8.

As per Federation of Nepal Gold and Silver Dealers’ Association, gold was traded at Rs 71,200 per tola on Sunday. On Monday, the price declined by Rs 200 per tola to Rs 71,000 a tola  and further dipped the next day by Rs 200 a tola to settle at Rs 70,800 per tola.

As per FeNeGoSiDA, gold fell on Tuesday, en route to its biggest one-day dip in over a month expecting the US to drop tariffs on Chinese imports. Giving continuity to the drop, the price of the yellow metal settled at Rs 70,200 per tola on Wednesday, declining by Rs 600 a tola.

However, on Thursday the price went up by Rs 400 a tola to Rs 70,600 per tola. On Friday, price of precious metal again fell by Rs 700 per tola to close the week at Rs 69,900 per tola.

Gold price fell by Rs 1,300 per tola during the review period compared to Rs 71,200 a tola the previous week.

As per Reuters, gold extended losses to a three-month low on Friday as positive developments in US-China trade tarnished its safe-haven appeal, putting it on track for biggest weekly decline in three years.

Meanwhile, in India gold buying picked up in the review week as a correction in prices revived demand in the world’s second biggest consumer, while buying interest was tepid in other Asian centres, Reuters reported.

In the review period, price of silver also fell. As per FeNeGoSiDA, silver was traded at Rs 870 per tola and remained constant the next day. On Tuesday, however, price of the grey metal dropped by five rupees per tola and reached Rs 865 a tola. Silver price again fell on Wednesday by Rs 20 a tola to Rs 845 per tola. However, price of silver rose by five rupees a tola on Thursday to Rs 850 per tola. On Friday, though, price again descended by Rs 15 per tola to close the trading week at Rs 835 a tola.

Silver price declined by Rs 35 per tola in the review period compared to Rs 870 per tola in the previous week.

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

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