Gold price up...but silver price down

Kathmandu-Nepal (Jun 5)  Gold price increased by Rs 100 per tola, while silver price dropped by five rupees a tola, during the week — from May 29 to June 3.

Gold price remained stable in the international market due to US Federal Reserve’s possible move to raise the interest rate. “The dollar’s recent stability is one reason the Fed has become more comfortable with raising rates,” as per Reuters.

However, the US Federal Reserve may delay an interest rate rise at its June meeting due to concern about the economic fallout of Britain’s impending vote on whether to leave the European Union. The Fed’s June 14 and 15 policy meeting will come just a week before the British vote on June 23.

The US Federal Reserve’s possible move played crucial role for the stable bullion market in this week.

The market opened on Sunday with gold price fixed at Rs 54,200 per tola. Price of precious yellow metal dropped by Rs 200 per tola on Monday and was traded at Rs 54,000 a tola. Gold price, however, increased by Rs 300 a tola on Tuesday to be fixed at Rs 54,300 per tola and remained unchanged on Wednesday. Price of precious yellow metal again went up by Rs 200 per tola to be traded at Rs 54,500 a tola on Thursday. Bullion price, however, slumped by Rs 200 on Friday to close the week at Rs 54,300 a tola.

Meanwhile, price of silver dropped by five rupees per tola during the five trading days of the week.

The market opened on Sunday with silver price fixed at Rs 750 per tola. The price of precious white metal dropped by five rupees per tola and was traded at Rs 745 a tola on Monday. Silver price again increased by five rupees a tola on Tuesday to be traded at 750 per tola. With a marginal slump of five rupees per tola on Wednesday, silver price was fixed at Rs 745 per tola. Its price remained unchanged till Friday.

Source: HimalayanTimes