Kathmandu, January 18
The price of gold declined while that of silver remained steady in the domestic market during the trading week between January 12 and 17.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 75,000 per tola on Sunday and declined by Rs 200 per tola on Monday to be traded at Rs 74,800 a tola. On Tuesday, gold price further dropped by Rs 800 a tola to reach Rs 74,000 per tola.
As per FeNeGoSiDA, price of the yellow metal declined in the domestic market after the conflict between Iran and the United States calmed down.
Moreover, the strengthening US dollar also caused gold price to decline in the domestic market.
However, on Wednesday, price of the bullion went up by Rs 700 per tola to be traded at Rs 74,700 a tola and it remained constant on Thursday. On Friday, gold price rose by Rs 100 a tola to close the trading week at Rs 74,800 per tola. According to Reuters, gold edged higher on Friday but was on track to post its first weekly decline in six as solid Chinese data and a preliminary United States-China trade deal improved risk appetite.
Meanwhile, physical gold purchases gathered steam ahead of the Lunar New Year celebrations in China and Singapore, while demand in India dwindled this week, encouraging retailers to offer more discounts. The Chinese Lunar New Year falls during the last week of January and gold demand is usually boosted during the period, Reuters reported.
Meanwhile, silver price remained steady during the review period. Silver was traded at Rs 890 a tola on Sunday and it remained constant the next day.
On Tuesday, price of grey metal fell by Rs 10 a tola to be traded at Rs 880 per tola. However, on Wednesday silver price rose by five rupees a tola to reach Rs 885 per tola and it remained steady on Thursday. On Friday, silver price went up by five rupees a tola to close review week at Rs 890 per tola.
Written by Madhavi Marasini
This news first appeared on https://thehimalayantimes.com/business/gold-declines-silver-stays-steady/ under the title “Gold declines, silver stays steady”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.