Prices of precious metals rise
KATHMANDU, DECEMBER 19
The price of precious metals surged in the trading week between December 13 and 18.
According to the rate list of Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 92,500 per tola when the market opened for trading on Sunday. Its price fell by Rs 100 a tola each day for the next two days — to Rs 92,400 per tola on Monday and Rs 92,300 a tola on Tuesday.
Bullion price surged by Rs 800 per tola to Rs 93,100 a tola on Wednesday. It went up by Rs 400 per tola to Rs 93,500 a tola on Thursday and jumped by Rs 800 per tola to close the week at Rs 94,300 a tola.
The price of the precious yellow metal rose by 1.94 per cent or Rs 1,800 per tola during the course of the review week.
Physical gold in India was sold at a discount for the first time in six weeks as a rebound in local prices to a one-month peak squeezed demand, while purchases slowed in other Asian hubs ahead of the year-end holidays, according to Reuters.
Gold prices dipped on Monday as COVID-19 vaccine rollouts lifted riskier assets, overshadowing hopes for further US fiscal and monetary stimulus.
Gold gained one per cent in the international markets on Tuesday, driven by market expectations of additional monetary and fiscal stimulus.
Bullion rose to a one-week high on Wednesday on market hopes for further fiscal support for the US economy and expectations that the US Federal Reserve will keep a lid on interest rates.
Gold prices steadied near a one-week high on Thursday, as investors cheered progress on a US fiscal stimulus deal, while the Federal Reserve’s pledge to keep rates low until an economic recovery is secure added to the support. The price of the precious yellow metal, however, eased on Friday.
Looking ahead, analysts remain bullish on gold as ‘investors will be looking to gold to hedge against rising inflation risks as further stimulus measures and a weak US dollar impact consumer prices’.
Meanwhile, silver was priced at Rs 1,200 a tola on Sunday, according to FeNeGoSiDA’s rate list. Its price was unchanged for the next two days. On Wednesday, silver price surged by Rs 30 per tola to Rs 1,230 a tola. The price of the grey metal ascended by Rs 25 per tola each day for the next two days, to be traded at Rs 1,255 a tola on Thursday and Rs 1,280 per tola on Friday.
Silver price soared by 6.66 per cent or Rs 80 a tola over the course of the review week.