Kathmandu, September 5:

Gold prices are likely to dip further as the US dollar firms up and oil prices go down. This week, gold closed at the same price that it traded at at the begining of the month of Bhadra in the domestic market.

Due to Teej — a popular women’s festival — the price went up last week but in the coming week it is expected that prices will go down as the US dollar is firming up vis-à-vis euro and the crude prices are also coming down.

Gold closed at Rs 18,860 (per 10 gram), which is the lowest price the market saw in couple of weeks. Last week, due to fluctuation, gold also witnessed two prices in a single day. The precious yellow metal opened at Rs 19,375 per 10 gram on Sunday — Rs 45 lower than the closing price of last week.

Monday saw a slight rise in the price by Rs 45 to Rs 19,420. On Tuesday, it nosedived to Rs 19,120, a sharp decrease of Rs 300 per 10 gram. The bearish trend continued on Wednesday as it came down to Rs 18,950. On Thursday, it bounced back by Rs 40 to Rs 18,990 but again plunged to settled at Rs 18, 860 on Friday, the last day of trading in the domestic market.

The closing price of gold this week is Rs 560 less than the closing price of previous week. According to the Nepal Gold and Silver Dealer’s Association (NEGOSIDA), strong US currency and falling crude prices in the global market have dragged the price of the yellow metal down. This week an ounce (28.35 grams) of gold registered at $796. The price per ounce was $835 last Friday. For the next three months, gold is expected to hover around $770-$840 per ounce.

Oil analysts are predicting crude will come down to $80 per barrel which means that the price of gold too will come down in the coming weeks.

Meanwhile, silver opened at Rs 345.50 per 10 gram this Sunday. The price remained constant for two consecutive days: Monday and Tuesday. However, it plunged to Rs 343 on Wednesday and continued falling for the remaining two days on Thursday and Friday. Silver closed at Rs 339 per 10 gram.