Gold, silver price up week-on-week

Kathmandu, October 6

Strengthening of the US dollar took the shine off the precious metals towards the end of the trading week between September 30 and October 5.

As per the week-on-week comparison of the price rate of the precious metals published by Federation of Nepal Gold and Silver Dealer’s Association (FeNeGoSiDA), however, gold price went up by Rs 1,200 per tola and silver price by Rs 20 a tola.

According to FeNeGoSiDA, gold was traded at Rs 57,800 per tola on Sunday and its price was unchanged on Monday. On Tuesday, bullion price went up by Rs 300 a tola to Rs 58,100 per tola and surged by Rs 900 a tola to Rs 59,000 per tola on Wednesday. On Thursday, the price of the precious yellow metal dipped by Rs 100 a tola to Rs 58,900 per tola and was
unchanged on Friday. Gold price was set at Rs 57,700 a tola in the previous Friday.

Silver was traded at Rs 735 per tola on Sunday and it was stable over the next two days. Its price rose by Rs 15 a tola to Rs 750 per tola on Wednesday. The price of the grey metal, however, fell by five rupees a tola to Rs 745 per tola on Thursday and was stable on Friday. Silver had been priced at Rs 725 a tola in the last trading day of preceding week.

In neighbouring India, higher domestic prices dented demand for physical gold, prompting dealers to offer biggest discounts in three-and-a-half months in the review week, while Bangladesh approved its first policy to regulate imports and exports of the metal. Buying remained subdued in India, second biggest buyer of the precious metal, as buyers delayed purchases, Reuters reported.

Nevertheless, India’s gold imports are expected to rise in the fourth quarter as demand usually strengthens at the end of the year, driven by the wedding season and major festivals, when bullion buying is considered auspicious.

Bangladesh approved its first gold policy this week, which will facilitate the import and export of the metal, the news agency reported Cabinet Secretary Shafiul Alam as saying. Bangladesh’s central bank will appoint dealers for importing gold bars, which were previously smuggled in because of the absence of an import policy, he said.

Some customers in Singapore and elsewhere in Asia cashed in on a slight dip in global prices earlier in the week, even as markets in top consumer China were closed for the Golden Week festival.

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