Silver hits roof, gold comparatively stable

KATHMANDU: Silver witnessed a record price jump in the domestic market this week as it

was traded at Rs 441.50 per 10 gram on Friday, the

last day of the weekly trading. The price closed Rs 17 higher from the opening price of Rs 424.50 per 10 gram on Sunday.

However, gold stayed untouched by the record international price and closed Rs 345 higher per 10 gram to Rs rise to 25,425 per 10 gram from Sunday’s

Rs 25,080 per 10 gram. Though it underwent fluctuation in the domestic market, the exchange rate of Nepali rupee vis-a-vis American dollar saved the Nepali customers.

“Gold price in the international market scaled another high of $1,058 per ounce this week,” said Nepal Gold and Silver Dealers’ Association (NEGOSIDA). “On September 17,

the local market had witnessed a record high of gold price at Rs 29,860 per tola (11.664 gram) due to the $1,018 per ounce in the international market but this time around the domestic market remained untouched by the international price thanks to stronger currency exchange rate,”

it said. “However, gold

price has shattered overhead resistance, reaching $1,058 per ounce.”

Growing investment demand in Europe and Asia for bullion and physical demand from India as the wedding season takes off has fuelled the price of the precious yellow metal in the international market.