Gold and silver prices increase

Kathmandu (Jan 31)  Gold and silver prices increased by a whopping Rs 1,100 and Rs 15 per tola, respectively,over the week — between January 24 and 29.

Gold price rose to over a three-and-half-month high and silver price also surged to a two-month high in domestic market, as per Federation of Nepal Gold and Silver Dealers’ Association.

Gold has rallied in the international market as investors started shifting their investment to precious metals as worries over a slowing global economy hit stocks and crude oil again. The prices of the precious metals in the domestic market are governed by the rates set in the international market.

The market opened on Sunday with gold price fixed at Rs 50,200 per tola. Price of the precious yellow metal edged up by Rs 100 a tola on Monday to be traded at Rs 50,300 per tola and gold continued its upswing till Thursday.

Gold price on Tuesday was fixed at Rs 50,900 per tola, with its price up by Rs 600 a tola compared to the previous day. Price of the precious yellow metal increased by Rs 400 per tola on Wednesday and was fixed at Rs 51,300 a tola.

Bullion price again edged up by Rs 200 a tola to be traded at Rs 51,500 per tola on Thursday. The last time gold was traded at a similar rate was on October 17, before it started tumbling gradually then after.

The price of gold decreased marginally by Rs 200 per tola to Rs 51,300 a tola on Friday.

Likewise, the price of silver also increased by Rs 15 per tola during the six trading days of the week.

The market opened on Sunday with silver price fixed at Rs 675 a tola. Price of the white metal increased by five rupees a tola on Monday to be traded at Rs 680 per tola. Its upswing continued till Wednesday.

On Tuesday, price of the white metal went up by five rupees per tola and was set at Rs 685 a tola. Silver price increased by Rs 10 per tola in a single day on Wednesday to the level of its price of November 10. Its price remained stable on Thursday.

Silver price settled at Rs 690 for the week as the price of the white metal fell by five rupees per tola on Friday.

Source: Himalayan Times