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Saturday, May 25, 2019

Gold price declines, silver stable

Kathmandu, May 25

The price of gold declined by Rs 300 per tola while that of silver remained stable in the trading week between May 19 and 24. According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), the prices of the precious metals have been fluctuating of late due to the impasse in the trade talks between China and the United States.

As per FeNeGoSiDA, gold was traded at Rs 60,000 per tola on Sunday.

It declined by Rs 500 a tola to stand at Rs 59,500 per tola on Monday and remained constant on Tuesday.

The price of the bullion on Wednesday again declined by Rs 100 per tola to settle at Rs 59,400 a tola.

The downward spiral continued on Thursday, with gold price falling by Rs 200 a tola to be traded at Rs 59,200 per tola. On Friday, the price of the yellow metal, however, rose by Rs 500 per tola to end the week at Rs 59,700 a tola.

Meanwhile, silver was priced at Rs 710 a tola on Sunday and declined by five rupees per tola to be traded at Rs 705 a tola on Monday. It remained constant for the next two days.

On Thursday, silver price fell by five rupees a tola to Rs 700 per tola. However, the price of the grey metal increased by Rs 10 a tola on Friday to close the week at Rs 710 per tola.

As the tensions between the US and China remain unsolved, bullion price has continued to fluctuate.

Meanwhile, the political impasse in Britain has also affected gold price in the international market and this has had an effect in the domestic market as well, as stated by FeNeGoSiDA.

According to Reuters, gold eased on Friday as stock markets regained momentum, with a weaker dollar and renewed hopes of a rate cut by the US Federal Reserve keeping bullion on track for a weekly gain.

In neighbouring India, gold prices flipped into premiums this week on firmer demand in its domestic market, while buyers in top consumer China took advantage of weaker bullion prices and stepped up purchases, Reuters reported.

The post Gold price declines, silver stable appeared first on The Himalayan Times.



from Business – The Himalayan Times http://bit.ly/2wl7lAN

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