Silver broke all time record once again in the local market this week as a tola of silver was priced at Rs 1,042 per tola (11.664 gram).
In the domestic market, the price of silver crossed the threshold of Rs 1,000 for a tola three weeks ago. Ever since, it has been climbing steadily. The week saw silver rise from Rs 1,039 per tola last Friday to Rs 1,042 on Sunday, a new record-high. It fell to Rs 1,035 per tola on Wednesday but by the end of the week, silver once again stood at Rs 1,042 for a single tola.
Silver is used for industrial purposes, photography, jewellery and silverware. Together, these three categories represent more than 95 per cent of annual silver consumption.
Silver is likely to keep outperforming gold this season, according to the commodity market analysts.
However, the domestic market did not see any major price fluctuation in gold. At the end of the week, the price for a tola (11.664 gram) of gold today retreated to Rs 40,000 from Sunday’s opening of Rs 40,153.
It is being believed that gold could climb $1,500 an ounce in the second quarter of 2011. Similarly, at the beginning of the week the exchange rate for a US dollar in terms of Nepali rupee stood at Rs 71.19 on Sunday and closed at Rs 70.99 on Friday.
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