KATHMANDU, OCTOBER 17
The price of precious metals dropped in the trading week between October 11 and 16 due to fading chances of a stimulus agreement before the US presidential election.
According to the Federation of Nepal Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was priced at Rs 95,600 per tola on Sunday and its price was unchanged the next day. On Tuesday, bullion price fell by Rs 500 a tola to Rs 95,100 per tola and dropped further to Rs 94,500 a tola on Wednesday, down Rs 600 per tola. The price of the precious yellow metal was stable on Thursday before it went up by Rs 400 a tola on Friday to close the week at Rs 94,900 per tola.
Gold price fell by Rs 700 a tola or 0.73 per cent during the review period. But compared to previous week’s closing rate of Rs 94,800 per tola, its price rose by Rs 100 a tola or 0.1 per cent.
In the international market, gold prices edged lower on Monday, as the dollar firmed and talks over a new US stimulus package ran into resistance.
Bullion steadied on Tuesday, buoyed by optimism a US stimulus package would eventually be passed, bolstering the metal’s appeal as an inflation hedge although gains were capped by a firmer dollar.
Gold prices lingered below the key $1,900 per ounce psychological level on Wednesday as lack of an agreement on additional US fiscal stimulus helped the dollar stay firm.
US President Donald Trump said on Thursday he was willing to raise his offer of $1.8 trillion for a COVID-19 relief deal with Democrats in Congress, but the idea w