Kathmandu, January 12
As a result of the US dollar weakening in the international market the price of gold increased and that of silver remained stable in the
domestic market in the trading week between January 6 and 11.
As per the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 59,800 per tola on Sunday and it remained stable the next trading day. On Tuesday, the price of the bullion increased by Rs 100 a tola to Rs 59,900 per tola. It again went up on Wednesday by Rs 200 a tola to Rs 60,100 per tola. The price of the precious yellow metal soared by Rs 600 per tola to Rs 60,700 per tola on Thursday and remained stable on Friday to close the week at Rs 60,700 per tola.
Meanwhile, silver was traded at Rs 755 per tola on Sunday. Itincreased by five rupees a tola toRs 760 per tola on Monday. However, on Tuesday, the price of silver dropped by five rupees a tola toRs 755 per tola. On Wednesday though it again went up by five rupees per tola to Rs 760 a tola. The price of the grey metal rose by five rupees a tola to Rs 765 per tolaon Thursday and remained the same on Friday to close the week at Rs 765 per tola.
The week-on-week review shows that gold price went upby Rs 400 a tola in the domestic market whereas that of silver remained stable.
In the international market,gold edged higher on Friday and was on track for its fourth successive weekly gain, as US stocks slipped and expectations rosethat the United States FederalReserve might halt its monetary policy tightening cycle, Reutersreported.
Spot gold was up 0.2 per centat $1,289.31 an ounce; US gold futures were up 0.2 per cent at $1,290.20. US stocks fell at the open on Friday after rallying for the past five sessions.
“The fact that the equities are down slightly, heading into the weekend there is some flight to safety buying in gold,” said Bob Haberkorn, senior market strategist at RJO Futures.
“The equities are looking a little heavy up at these levels and Thursday’s speech by US Federal Reserve Chairman Powell felt like Fed might adopt a dovish stanceon rates moving forward, which is lending a lot of support to gold.”
According to Reuters, Federal Reserve Chairman Jerome Powell said on Thursday the US central bank could be patient on rate policy.
Written by Nikki Hamal
This news first appeared on https://thehimalayantimes.com/business/gold-shines-silver-remains-stable/ under the title “Gold shines, silver remains stable”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.