Gold Seesaws in Domestic Market

The domestic market for gold observed fluctuation in price throughout this week. According to Nepal Gold and Silver Dealers’ Association (NEGOSIDA), due to increase in demand for gold in the international market and fluctuation in value of the dollar, gold price in the domestic market kept fluctuating. Gold in the international market was at $979 per ounce on Sunday while on Friday it was traded for $978 per ounce, said NEGOSIDA.

NEGOSIDA president Tej Ratna Shakya said, “In the month of Baisakh, minimum 10 kg gold was traded per day. Last Baisakh, it was minimum 15 kg per day.

Also, during this period last year gold was at around Rs 22,000 per tola. This Falgun, total gold traded per day was five kg while in Chaitra it was below five kg per day.” “The domestic gold market is observing a trade of around seven kg of gold per day in Jestha, as prices are increasing and it is off-season,” said Shakya. Gold opened at Rs 24,220 per 10 gram on Sunday. It rose by Rs 85 to reach Rs 24,305 per 10 gram on Monday. On Tuesday, gold was at Rs 24,220. Another increase of Rs 45 on Wednesday took it to Rs 24,265. A fall of Rs 215 on Thursday pulled it down to Rs 24,050 per 10 gram on Thursday. Gold closed at Rs 24,220 this Friday.

Meanwhile, silver opened at Rs 381.50 per 10 gram on Sunday. It rose by Rs 5.50 to reach Rs 386 per 10 gram on Monday.

Tuesday, it stayed stable.

Silver increased to Rs 390 per 10 gram on Wednesday but decreased to Rs 386 on Thursday. It closed at Rs 390 per 10 gram this Friday.