Gold price dips, silver stable

KATHMANDU, DECEMBER 26

While the price of gold slipped, that of silver was stable in the trading week between December 20 and 25.

According to the rate list of the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 94,300 per tola on Sunday.

Its price rose by Rs 900 a tola to be priced at Rs 95,200 per tola on Monday. However, bullion price dropped by Rs 300 a tola to be traded at Rs 94,900 per tola on Tuesday and further fell Rs 900 a tola to be priced at Rs 94,000 per tola on Wednesday.

The price of the precious yellow metal rose by Rs 100 a tola each day for the next two days to be traded at Rs 94,100 per tola and close the trading week at Rs 94,200 a tola.

Bullion price fell by Rs 100 per tola or 0.01 per cent during the six days of the review week.

Physical gold discounts rose in India this week as buyers remained on the sidelines, while demand in Singapore and other Asian hubs ticked up as buyers took advantage of lower prices ahead of holidays, according to Reuters.

In the international markets, gold prices erased early gains to fall by as much as 1.3 per cent on Monday, under pressure from an advancing dollar as fears of a new coronavirus strain roiled markets and forced tougher restrictions.

Its price fell on Tuesday as well as the dollar strengthened on growing worries about a mutant coronavirus strain in the United Kingdom, but the market response to a long-awaited US economic stimulus package limited ullion’s losses.

Then on Wednesday, the price of the precious yellow metal inched higher after President Donald Trump’s threat not to sign the US pandemic relief bill triggered a drop in dollar.

Gold prices rose on Thursday backed by a weaker dollar ahead of a widely expected Brexit trade deal, with uncertainties around a new variant of the coronavirus overshadowing vaccine optimism. The markets were closed on Friday in celebration of Christmas.

Meanwhile, silver was priced at Rs 1,280 a tola on Sunday, as per FeNeGoSiDA’s rate list. It was traded at Rs 1,320 per tola on Monday, up Rs 40 a tola. Silver price slipped by five rupees per tola to be traded at Rs 1,315 a tola on Tuesday and slumped by Rs 50 per tola to be traded at Rs 1,265 a tola on Wednesday.

The price of the grey metal rose by Rs 15 per tola to Rs 1,280 a tola on Thursday and was stable the next day.

The closing rate of the grey metal was the same as the opening rate of the review week — Rs 1,280 per tola.

ommission for amount higher than Rs 10 million is set at 0.27 per cent.

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