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Price of precious metal rises

Gold price increased in the domestic market in the trading week between August 18 and 23.

As per the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 71,000 a tola on Sunday and it remained constant till Tuesday. However, bullion price went up by Rs 300 per tola on Wednesday to be traded at Rs 71,300 a tola. However, it remained stable till Friday.

Gold price declined by Rs 200 per tola in the review period compared to the previous week’s closing rate of Rs 71,500 per tola. According to FeNeGoSiDA this week the price of the yellow metal declined slightly in the international market hence the price declined in the local market too. However, price of the yellow metal is still high comparatively, added the association.

Meanwhile, silver was priced at Rs 830 a tola on Sunday and its price remained unchanged the next day.On Tuesday, the price of the grey metal declined by five rupees per tola to be traded at Rs 825 a tola. However, the silver price went up by five rupees per tola on Wednesday to be traded at Rs 830 a tola. And the price remained the same till Friday to close the week’s trading at Rs 830 a tola. Silver price had closed the previous week at Rs 825 per tola.

According to Reuters, gold surged two per cent on Friday as investors interpreted US Federal Reserve Chair Jerome Powell’s speech as leaning toward a dovish monetary policy stance and President Donald Trump’s latest comments exacerbated trade tensions with China. Gold has risen nearly eight per cent so far this month and about 19 per cent this year, and was set for a fourth straight week of gains, Reuters reported.

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