Kathmandu, June 9
Gold price fluctuations in the international markets resulted in the price of the yellow metal inching up in the trading week between June 3 and 8.
In its weekly statement, the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA) has also attributed the fall in price of the yellow metal to the weakening of Indian currency vis-à-vis the US dollar. Nepali currency is pegged to the Indian currency at the rate of 1.6:1.
As per the price list published by FeNeGoSiDA, gold was priced at Rs 58,000 per tola when the market opened on Sunday and it was traded at the same rate for the next two days. Bullion price went up for the next two days by Rs 100 a tola each day to be priced at Rs 58,100 per tola on Wednesday and Rs 58,200 a tola on Thursday. On Friday, the price of the yellow metal rose by Rs 200 per tola to close the week at Rs 58,400 a tola.
Similarly, the federation had set the price of silver at Rs 760 per tola on Sunday and its price was unchanged for two subsequent days. The price of the grey metal rose by five rupees a tola per day for the next three days, to be traded at Rs 765 per tola on Wednesday, Rs 770 a tola on Thursday and Rs 775 per tola on Friday.
Reuters reported physical gold demand was soft in major Asian hubs this week with global prices moving in a tight range, while lower retail purchases forced sellers in India to offer wider discounts during a slow period for buying the metal.
“Investors were also cautious before Group of Seven (G-7) summit, the US Federal Reserve policy meeting and the US-North Korea summit in Singapore next week.”
Written by Nikki Hamal
This news first appeared on https://thehimalayantimes.com/business/gold-price-up-rs-400/ under the title “Gold price up Rs 400”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.