Precious metals jump on dollar retreat – Himalayan Times

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KATHMANDU, OCTOBER 3

The price of precious metals edged higher in the trading week between September 27 and October 3 buoyed by a softer dollar, with investors in the international markers focusing on the first US presidential debate and renewed hopes for a new round of fiscal stimulus from Washington to support the virus-stricken economy.

The price of the precious metals in the domestic market is governed by its rates in the international markets.

According to the rate publicised by the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was priced at Rs 93,300 per tola on Sunday and was traded at the same rate the next day. On Tuesday, bullion price appreciated by Rs 900 a tola to be priced at Rs 94,200 per tola. The price of the precious yellow metal went up by Rs 500 a tola to Rs 94,700 per tola on Wednesday.

However, gold price dropped by Rs 200 a tola each day for the next two days, to be priced at Rs 94,500 per tola on Thursday and Rs 94,300 a tola on Friday.

While the bullion price rose by 1.07 per cent or Rs 1,000 a tola during the review period, its price went up by 0.42 per cent or Rs 400 per tola compared to the closing rate of Rs 93,900 a tola in the previous week.

Most analysts see gold prices pushing higher in coming week as it appears the market has carved out a technical bottom. They also said the ongoing turmoil ahead of US elections would continue to support prices in the near-term.

Election volatility reached a new level on Friday after President Donald Trump, running for re-election, said that he tested positive for COVID-19.

Meanwhile, silver was traded at Rs 1,150 per tola on Sunday, as per FeNeGoSiDA. Its price was unchanged on Monday. On Tuesday, however, price of grey metal rose by Rs 25 a tola to Rs 1,175 per tola.

Silver price went up by Rs 15 a tola to Rs 1,190 per tola on Wednesday.

However, it fell by Rs 15 a tola to Rs 1,175 per tola on Thursday. Silver price was stable on Friday.

Silver price went up by 2.17 per cent or Rs 25 a tola in the review week. But compared to preceding week’s closing rate of Rs 1,160 per tola, its gain was limited to 1.29 per cent or Rs 15 a tola.


A version of this article appears in e-paper on October 4, 2020, of The Himalayan Times.


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