Kathmandu, September 15
The price of precious metals went up slightly in the trading week between September 9 and 14, as relative stability of the dollar index in the international market boosted demand.
“However, strengthening of the Indian rupee (with which the Nepali currency is pegged) vis-à-vis the greenback weighed on the gold price on Friday,” Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA) General Secretary Dharma Sundar Bajracharya said in a statement.
Gold was traded at Rs 57,800 per tola when the market opened for trading on Sunday and its price was unchanged the next day. On Tuesday, bullion price edged up by Rs 100 a tola to Rs 57,900 and rose by Rs 300 a tola to Rs 58,200 per tola on Wednesday. After holding steady on Thursday, the price of the precious yellow metal fell by Rs 200 a tola to Rs 58,000 per tola on Friday.
As per the price list of FeNeGoSiDA, silver was priced at Rs 710 a tola on Sunday and its price was the same on Monday. On Tuesday, silver price went up by five rupees per tola to Rs 715 a tola and was stable the next day. On Thursday, the grey metal was priced at Rs 720 per tola after gaining five rupees a tola, but then closed the week at Rs 715 per tola as its price fell by five rupees a tola on Friday.
Meanwhile, physical gold buying waned in major Asian centres over the week as bullion prices rebounded from recent lows, with dealers in India offering the metal at a discount for the first time in over a month as an uptick in local rates moderated demand.
“As the Indian rupee started appreciating in the last few days, jewellers are taking a pause,” a Mumbai-based dealer with a
private bank told Reuters.
The Indian rupee was trading around 71.93 after hitting a record low of 72.92 per dollar earlier in the week.
Meanwhile, premiums in top consumer China have ranged between $3 and $6 an ounce this week, versus last week’s $6 to $7, traders said.
“There was some buying when prices fell below $1,200 but now it’s pretty quiet. We don’t see too many people chasing at the current levels,” Reuters quoted Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong, as saying.
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Written by Nikki Hamal
This news first appeared on https://thehimalayantimes.com/business/price-of-precious-metals-rises-on-weak-dollar/ under the title “Price of precious metals rises on weak dollar”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.
