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Price of gold, silver plummets

Price of gold, silver plummets

As per the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold price was fixed at Rs 61,500 per tola on Sunday. Though the price of gold remained constant on Monday, it fell by Rs 500 per tola to Rs 61,000 a tola on Tuesday. Gold price further dropped by Rs 300 a tola on Wednesday to Rs 60,700 per tola. Price of the yellow metal further went down by Rs 500 per tola on Thursday to Rs 60,200 a tola. Gold price remained unchanged on Friday to close the week’s trading at Rs 60,200 per tola.

Meanwhile, price of silver was fixed at Rs 760 per tola on Sunday. Though the price of silver remained unchanged on Monday, its price fell by Rs 10 per tola on Tuesday to Rs 750 a tola. On Wednesday too, silver price came down by Rs 10 per tola to Rs 740 a tola. Price of the grey metal further dropped by five rupees a tola to settle at Rs 735 per tola. Silver price remained unchanged to close the week’s trading at Rs 735 per tola.

As per Reuters, gold rose on Friday, bouncing back from multi-week lows as the dollar slipped ahead of a key US jobs report, and as investors fretted over increasing signs of a global slowdown.

Spot gold was up 0.6 per cent at $1,293.18 per ounce as of 1300 GMT. Prices on Thursday hit a low of $1,280.91, a whisker away from a more than five-week low hit earlier this week.

“We are seeing a bit of short-covering on a Friday ahead of the non-farm payroll numbers from America,” said David Govett, head of precious metals at Marex Spectron.