Gold Price and silver price snap seven weeks of losses

Kathmandu-Nepal (Aug 16)  After slumping week-on-week for nearly two months, gold and silver became dearer as their price went up by Rs 1,600 and Rs 35 per tola, respectively, from August 9 to 14.

Price of bullion started to shoot up in the international market as Chinese investors started to invest in gold, considering it a safe haven following the devaluation of yuan. The domestic market fixes the rate of bullion based on the international market rates.

The market opened on Sunday with gold price fixed at Rs 47,700 per tola and it remained unchanged on Monday. Bullion price went up by Rs 500 and was traded at Rs 48,200 a tola on Tuesday. As an impact of yuan devaluation, gold price started to surge in the international market and the price of precious yellow metal rose by Rs 700 per tola in a single day on Wednesday to be traded at Rs 48,900 a tola.

On Thursday, gold price again jumped by Rs 400 to Rs 49,300 per tola and remained unchanged on Friday.

Likewise, the price of silver also went up by Rs 35 per tola or 5.26 per cent during the review period. It was traded at Rs 665 per tola on Sunday and its remained unchanged the next day.

On Tuesday, silver price went up by Rs 15 per tola and was traded at Rs 680 a tola. Price of the white metal edged up by five rupees on Wednesday to Rs 685 per tola. On Thursday, silver price jumped by Rs 10 to be fixed at Rs 695 a tola. With another jump of five rupees, silver settled at Rs 700 per tola on Friday.

Source: HimalayanTimes