Gold price down, silver up

Kathmandu, September 29

Strengthening of the US dollar in the international market weighed on gold price, although that of silver rose slightly in the trading week between September 23 and 28.

According to the price rate published by Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold price dropped by Rs 400 a tola and silver went up by five rupees per tola week-on-week.

Gold was traded at Rs 58,100 a tola on Sunday and was unchanged on Monday. On Tuesday, bullion price went up by Rs 300 per tola to Rs 58,400 a tola and was stable on Wednesday. On Thursday, the price of the precious yellow metal fell by Rs 300 per tola to Rs 58,100 a tola and dropped by Rs 400 per tola on Friday to close the week at Rs 57,700 a tola.

As per FeNeGoSiDA’s statement, experts opine the US central bank raising interest rate and declining jobless rate were major factors for weighing down the gold price in the review week.

Silver was traded at Rs 720 per tola on Sunday and its price remained unchanged on Monday. Its price went up by five rupees per tola each day on Tuesday and Wednesday to Rs 725 a tola and Rs 730 per tola, respectively. The price of the grey metal was unchanged on Thursday, but fell by five rupees a tola to Rs 725 per tola on Friday.

As per Reuters, physical demand saw an uptick in China after prices fell to six-week lows in the week, while discounts narrowed in India as buyers postponed purchases, awaiting a bigger fall. Premiums in China strengthened to $6.5 to $8 an ounce from last week’s $4 to $6.50. However, the National Day Golden Week holiday next week is likely to slow activity in China, Reuters said.

Gold is down more than 13 per cent from an April high, largely because of the stronger dollar.

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