E-Kantipur

KATHMANDU, APR 12 -

Gold and silver prices have hit new highs as a result of the unrest in the Middle East and the tsunami in Japan last month. Gold traded at Rs 34,935 per 10 gm (Rs 40,748 per tola) on Monday. Silver increased to Rs 986 per 10 gm (Rs 1,150 per tola) from Rs 964 per 10 gm on Sunday.

In the international market, gold and silver traded at US$ 1,470 and US$ 40 plus per ounce respectively.

Bullion traders said that sales were down 50 percent compared to the same season last year due to the rise in prices. The Nepal Gold and Silver Dealers Association (NEGOSIDA) said that prices had soared because of a weak dollar, increasing trend of investing in bullion and higher oil prices. “With the prolonged unrest in Libya and the Middle East, petroleum production has been going down due to which prices have been rising everyday,” said NEGOSIDA president Taj Ratna Shakya.

“As gold and silver prices have a parallel relation with petroleum products,

they have been increasing on the international market along with demand for precious metals.”

Meanwhile, in response to calls from traders to increase the gold import quota, Bhaskar Mani Gyawali, spokesperson of Nepal Rastra Bank (NRB), said that the central bank would not raise the quota for the time being as demand was low.

“As our bullion market responds to seasonal demand, currently there is no demand requirement to raise the quota,” added Gyawali.

According to Shakya, speculation has increased on silver as it is used for industrial purposes and investors expect demand to rise once reconstruction starts in Japan. “Investors are shifting towards it, thinking that demand for silver will surge in the coming days,” he added.

Price per 10 gm

Date    Gold    Silver

April 11, 2011    Rs 34,935    Rs 986

April 10, 2011    Rs 34,895    Rs 964

March 7, 2011    Rs 34,890    Rs 858

March 3, 2011    Rs 34,800    Rs 827

Feb. 28, 2011    Rs 34,505    Rs 802

Feb. 24, 2011    Rs 34,465    Rs 800

Feb. 22, 2011    Rs 34,230    Rs 793

Feb. 21, 2011    Rs 34,035    Rs 780

Feb. 20, 2011    Rs 33,950    Rs 776

Posted on: 2011-04-12 08:45

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