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Sunday, July 14, 2019

Gold price steady, silver increases

Kathmandu, July 13

Gold price remained steady in the domestic market, while that of silver rose during the trading week between July 7 and 12.

According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), as gold price went up significantly over the last few weeks, the number of customers selling their gold jewellery is comparatively higher than those buying the precious yellow metal at present.

Hence, the gold price has come down, the association added.

As per the rate list of FeNeGoSiDA, the price of yellow metal was Rs 64,500 per tola on Sunday and it remained constant till Tuesday. On Wednesday, bullion price went down by Rs 200 a tola to be traded at Rs 64,300 per tola. However, on Thursday gold was traded at Rs 64,700 per tola, up Rs 400 a tola.

Meanwhile, gold price declined by Rs 200 a tola on Friday to close the week’s trading at Rs 64,500 per tola.

Gold price fell by Rs 500 a tola in the review period compared to the previous week’s closing rate of Rs 65,000 per tola.

Meanwhile, silver price rose in the review week.

As per FeNeGoSiDA, the grey metal was traded at Rs 720 a tola on Sunday and it remained constant till Wednesday. However, on Thursday the price went up by five rupees per tola to be traded at Rs 725 a tola and it remained the same on Friday to close the week’s trading at Rs 725 a tola. Silver had closed the previous week at Rs 730 per tola.

Reuters reported that physical gold buying stalled in top Asian hubs this week as consumers sold back bullion to cash in on a steep price rally, while a recent import duty hike in India — the second biggest consumer of the yellow metal after China — further dented waning interest.

Elsewhere in the world, however, gold prices rose on Friday and were on track to post a weekly gain, consolidating above $1,400 as renewed Sino-US trade tensions amid global growth jitters and prospects of an interest rate cut by the US Federal Reserve stoked safe-haven demand, as per news agencies.

The post Gold price steady, silver increases appeared first on The Himalayan Times.



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