Gold, silver prices plummet
Kathmandu, April 13
Price of gold came down by Rs 200 per tola while silver price too plummeted by five rupees a tola over the trading week between April 7 and 12.
As per the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 59,800 per tola in the domestic market on Sunday. Price of the bullion increased by Rs 200 per tola on Monday to settle at Rs 60,000 a tola.
The next day too, price of the yellow metal further rose by Rs 300 a tola to Rs 60,300 per tola. However, price of the precious metal came down by Rs 200 per tola on Wednesday to Rs 60,100 a tola. On Thursday, gold price went up by Rs 100 a tola to settle at Rs 60,200 per tola. However, gold price plummeted by Rs 600 per tola on Friday to close the week’s trading at Rs 59,600 a tola.
Meanwhile, silver price was fixed at Rs 725 per tola in the domestic market on Sunday. On Monday, silver price increased by five rupees per tola to Rs 730 a tola. It further went up by Rs 10 a tola on Tuesday to settle at Rs 740 per tola. However, price of the grey metal fell by Rs 10 per tola on Wednesday to Rs 730 a tola. Though the price of silver remained constant on Thursday, it came down by Rs 10 per tola on Friday to close the week’s trading at Rs 720 a tola.
According to Reuters, gold inched lower on Friday, having posted its biggest daily decline in two weeks in the previous session, as the impact of a weak dollar was offset by gains on Wall Street. The metal had broken below the key psychological level of $1,300 on Thursday to hit a one-week low due to sharp gains in the dollar.
“The dollar strength really hurt precious metals and we’re seeing some of that reverse with most currencies running a little higher versus the dollar,” said Chris Gaffney, president of world markets at TIAA Bank.
“We’ve got tame inflation, the trade situation is getting resolved and Brexit looks like it’s going to be pushed down the road. So right now investors don’t have any incentive to buy gold,” Gaffney added.