KATHMANDU, JULY 8
The prices of yellow metal and silver increased in the trading week between July 2 and 7. In the domestic market, gold price increased by Rs 500 per tola, while that of silver rose by five rupees a tola during the review week.
According to the rate list of Federation of Nepal Gold and Silver Dealers' Association (FeNeGoSi- DA), gold price was fixed at Rs 110,100 per tola when the market opened for trading on Sunday before decreasing by Rs 100 a tola on Monday. Its price surged by Rs 400 per tola on Tuesday before rising further by Rs 200 a tola on Wednesday. On Thursday, gold price increased by Rs 100 per tola before decreasing again by Rs 100 a tola on Friday to settle at Rs 110,600 per tola.
Meanwhile, silver was traded at Rs 1,370 a tola on Sunday and its price remained unchanged on Monday. The price of the grey metal increased by five rupees per tola each day on Tuesday and Wednesday to Rs 1,380 per tola. The price of silver increased by Rs 15 a tola on Thursday before decreasing by Rs 20 a tola on Friday to rest at Rs 1,375 a tola for the week.
According to international news agencies, gold prices rose on Friday and were on track for their first weekly gain in four as the dollar and bond yields fell after weaker US non-farm payrolls numbers cast doubts over the trajectory of interest rate hikes beyond July yet again.
Benchmark 10-year US Treasury yields retreated from a more than four-month peak, while the dollar slipped 0.9 per cent to a more than two-week low after the data, making gold attractive for other currency holders. Gold is sensitive to rising US interest rates, which increase the opportunity cost of holding non-yielding bullion.
A version of this article appears in the print on July 9, 2023, of The Himalayan Times.
