Prices of precious metals increase
Kathmandu, October 25
Prices of gold and silver went up in the trading week between October 20 and 25.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), the price of gold and silver was steady in the beginning of the review period. However, towards the end of the week the price of bullion increased.
As per FeNeGoSiDA, gold was traded at Rs 70,400 per tola on Sunday and it remained constant on Monday. On Tuesday, gold price declined by Rs 200 per tola to be traded at Rs 70,200 a tola. However, the next day gold price went up by Rs 200 a tola to settle at Rs 70,400 per tola and it remained constant on Thursday. On Friday, the price rose by Rs 600 per tola to close the trading week at Rs 71,000 per tola.
Gold price increased by Rs 400 per tola in the review period compared to the closing rate of Rs 70,600 per tola in the previous review period.
Meanwhile, silver was traded at Rs 850 per tola on Sunday and it remained constant till Thursday. However, the price of the grey metal went up by Rs 10 per tola on Friday to close the trading week at Rs 860 a tola. Silver price went up by Rs 10 per tola in the review period compared to the last week.
As per FeNeGoSiDA, bullion price remained constant in the beginning of this review period in the international market with hopes for trade discussions between the US and China along with political and economic ups and downs in the international market. However, at the end of the trading week, gold price went up in the international market that had an impact on the domestic market too.
Meanwhile, Reuters reported China’s net gold imports via Hong Kong fell nine per cent in September from the previous month, data from the Hong Kong Census and Statistics Department showed on Thursday, mainly due to softer demand and possible measures by Beijing to prop up the yuan. Net imports via Hong Kong to China, the world’s top consumer of the metal, decreased to 11.829 tonnes in September from 12.997 tonnes in August, the data showed.
Gold rose to a two-week high on Friday in the international market, holding above the $1,500 an ounce psychological level, as weak US economic data spurred expectations for another interest rate cut by the Federal Reserve, while palladium scaled a fresh peak.