Nepal | September 22, 2019

Prices of precious metals spike

Himalayan News Service

Kathmandu, July 20

Gold price climbed to an alltime high of Rs 65,500 per tola in domestic market in trading week between July 14 and 19.

As per the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 64,500 a tola on Sunday and it remained constant till Wednesday. However, bullion price went up by Rs 500 per tola on Thursday to be traded at Rs 65,000 a tola.

Meanwhile, its price again went up by Rs 500 per tola on Friday to close the week’s trading at Rs 65,500 a tola.

Gold price went up by Rs 1,000 per tola in the review period compared to the previous week’s closing rate of Rs 64,500 per tola.

Similarly, silver was priced at Rs 725 a tola on Sunday and its price was unchanged till Tuesday.

On Wednesday, however, the price of the grey metal went up by Rs 20 per tola to be traded at Rs 745 a tola. Silver price again went up by Rs 20 per tola on Thursday to be traded at Rs 765 a tola. Meanwhile, on Friday, silver price rose by five rupees per tola to close the week’s trading at Rs 770 a tola.

Silver price had closed the previous week at Rs 725 per tola.

As per Reuters, gold prices rose to their highest in more than six years on Friday, supported by fresh tensions in Middle East and comments from a top Federal Reserve official that cemented expectations of an interest rate cut. The yellow metal has gained 1.8 per cent so far this week, on track for a second consecutive weekly gain.

Meanwhile, consumers in leading Asian hubs continued to sell off physical gold this week, with some switching their holdings to silver, after a jump in prices that also attracted interest from investors betting on further gains. Global benchmark spot gold surpassed $1,450 an ounce for the first time in more than six years on Friday, Reuters reported.


A version of this article appears in print on July 21, 2019 of The Himalayan Times.


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