Precious metals in downward trend

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Kathmandu, June 23

In the week between June 17 and 22, gold price slumped by Rs 800 per tola, and silver price too fell by Rs 15 a tola.

Gold price was at a six-month low in the review period and was traded at Rs 57,700 per tola at the end of the week.

Bullion prices were weighed down due to the expectation that the United States Federal Reserve could raise its interest rates and also because the US dollar climbed to an 11-month peak. The exchange rate of the dollar vis-a-vis the Nepali
currency was at Rs 109.22 on Thursday.

The market opened on Sunday with gold price fixed at Rs 58,500 per tola. Price of the precious yellow metal tumbled by Rs 200 a tola on Monday to be traded at Rs 58,300 per tola. However, the price of gold edged up marginally on Tuesday by Rs 100 per tola to be fixed at Rs 58,400 a tola. On Wednesday, bullion price witnessed a loss of Rs 400 a tola to
be traded at Rs 58,000 per tola.

Continuing with the downward trend, gold price plunged by Rs 300 per tola to Rs 57,700 a tola on Thursday. The price
of the precious yellow metal remained unchanged on Friday.

Likewise, silver price dropped by Rs 15 in the week. The market opened on Sunday with silver price fixed at Rs 780 per tola.

The price of the white metal dropped by five rupees per tola on Monday to be fixed at Rs 775 a tola and remained unchanged on Tuesday. Silver price further dropped by Rs 10 per tola on Wednesday to settle at Rs 765 a tola and remained unchanged till Friday — the last trading day of the week.

Written by Nikki Hamal
This news first appeared on https://thehimalayantimes.com/business/precious-metals-in-downward-trend/ under the title “Precious metals in downward trend”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.