Slump in gold, silver

Kathmandu, October 17:

The domestic market this week witnessed the highest price of gold, with Rs 21,860 per 10 gram (Rs 25,500 per tola) after it hiked to a price of Rs 25,450 per tola on July 16 the same year.

This week, gold closed at Rs 20,750 per 10 gram.

According to Nepal Gold and Silver Dealer’s Association (NEGOSIDA), due to fiscal crisis in the US, the domestic market is experiencing fluctuations. All Asian markets including India are influenced by it. Even the continuous relief package by the US government and those of the European countries to overcome the trouble has failed to contain the problem, said NEGOSIDA.

Gold this week started at Rs 21,560 and reached the highest peak till date to Rs 21,860 on Monday. Some drop in the gold price was seen on Tuesday, with the price at Rs 21,350 on Tuesday - a fall of Rs 510. The price again rose by Rs 170 on Wednesday to Rs 21,520 and stayed at the same mark on Thursday. This week, gold closed at a price of Rs 20,750 per 10 gram - Rs 860 less than the opening price.

Investors are now attracted towards gold and investment in the precious yellow metal is increasing. In the international market, last Friday gold was priced at $915 per ounce which fell to $808 per ounce this week, said NEGOSIDA.

Silver this week opened at Rs 313 per 10 gram which continued to be the same on Monday but later increased by Rs 2 to Rs 317 per 10 gram and the price continued to be the same till Thursday.

Silver this week closed at Rs 308.50 per 10 gram.