Price of precious metals relatively stable

Kathmandu, July 28

The price of precious metals was relatively stable in the trading week between July 22 and 27.

According to the price list of the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 56,800 per tola when the market opened on Sunday and its price remained unchanged the next day. Bullion price fell by Rs 200 a tola to Rs 56,600 per tola on Tuesday and was traded at the same rate on Wednesday. On Thursday, the price of the yellow metal edged up by Rs 100 a tola to Rs 56,700 per tola, but reversed the gain the very next day by dropping Rs 200 a tola to close the week at Rs 56,500 per tola.

Meanwhile, silver was priced at Rs 740 a tola on Sunday and was traded at the same rate on Monday. On Tuesday, the price of the grey metal fell by five rupees per tola to Rs 735 a tola and was stable the next day. Silver price edged up by five rupees per tola again to be traded at Rs 740 a tola on Thursday and was unchanged on Friday.

In neighbouring India, gold demand improved during the week as local prices traded near a six-month low, prompting jewellers to replenish inventory, while weaker rates in Singapore saw demand pick up further there.

“Retail demand is still weak, but is likely to improve from mid-August as festivals are approaching,”
Daman Prakash Rathod, a director at MNC Bullion, a wholesaler in Chennai, told Reuters.

“Some jewellers are still waiting for a bigger fall, but they will also start buying if prices fail to correct further in a week,” said a Mumbai-based dealer with a private bank.

In Singapore, premiums ticked up to range between 90 cents to $1.1 in the week, from 80 to 90 cents last week as demand firmed on weaker local rates, a Singapore-based trader said.

In top consumer China, however, premiums fell to $1 to $2 range from $2 to $4 last week amid a weaker local currency versus the dollar from an ongoing trade dispute with the United States.