Gold price rises, silver declines

Kathmandu, September 8

Gold price rose, while that of silver slipped in the trading week between September 2 and 7, in line with the strengthening of the US dollar.

As per the Federation of Nepal Gold and Silver Dealers’ Association, gold was priced at Rs 57,300 per tola on Sunday. Its price tumbled by Rs 300 a tola to be traded at Rs 57,000 per tola on Monday. On Tuesday, however, bullion price edged up by Rs 200 a tola to Rs 57,200 per tola and remained the same the next day. The price of the yellow metal rose for the last two consecutive days — by Rs 400 a tola to Rs 57,600 per tola on Thursday and by Rs 200 a tola to Rs 57,800 per tola on Friday.

Silver was traded at Rs 725 a tola at the beginning of the week and its price fell by five rupees per tola to Rs 720 a tola on Monday. After trading at the same level on Tuesday, the price of the grey metal dropped by Rs 10 per tola on Wednesday to Rs 710 a tola. Silver price see-sawed during the next two days — edging up by five rupees per tola to Rs 715 a tola on Thursday and dipping by five rupees per tola again on Friday to close the week at Rs 710 a tola.

Meanwhile, physical gold buying picked up pace in major Asian centres this week as lower prices fuelled appetite for the metal, with India seeing healthy demand ahead of the festive season despite a rise in domestic rates to a two-month high.

“Due to uncertainty over the Indian rupee, jewellers are buying even after the recent price rise. They want to build
inventory for the upcoming festive season,” a Mumbai-based dealer with a private bank told Reuters.

The Indian rupee, with which the Nepali rupee is pegged, fell to a record low of 72.11 per dollar on Thursday.

Premiums in China were little changed from last week at $6 to $7 an ounce, traders said.

Premiums in Singapore were between $0.70 and $1.50, as against $0.80 to $1.30 an ounce last week.

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