Gold prices cool off; traders expect increase in demand
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KATHMANDU, SEP 27 -
Gold price that skyrocketed to an all time high earlier this month has fallen massively in the last two trading days, providing much needed relief to customers in the festive season.
On Monday, the precious yellow metal was traded at Rs 42,695 per 10 gm (Rs 49,800 per tola), down from the record high of Rs 46,470 per 10 gm on Sept 6. The figure on Sunday was at Rs 44,025.
Gold dealers said the metal has become cheaper by over Rs 3,000 per 10 gm over the last week. According to Nepal Gold and Silver Dealers’ Association (Negosida), the price was recorded at Rs 45,955 per 10 gm last Monday. Similarly, silver was traded at Rs 1,054.50 per 10 gm.
“Gold price in the international market has declined to $1603 from last Monday’s $1,660 per ounce,” said Negosida President Tej Ratna Shakya, adding that the price of silver too has fallen by Rs 85 to Rs 858 per 10 gm on Monday over the last week.
The drop in the bullion price is attributed to the strong dollar and the relief package introduced by the US. Earlier, fuelled by weakening dollar and slump in stock markets, the trend of gold investment was increasing in the international market, pushing its price to the all time high of $1,910 per ounce.
Gold dealers, who faced tough days due to rise prices leading to slowdown in sales, are expecting rise in demand during the festivals.
Day Gold per 10 gm Silver per 10 gm
Sept 26 Rs 42,695 Rs 858
Sept 25 Rs 44,025 Rs 943
Sept 23 Rs 45,610 Rs 990
Sept 21 Rs 45,955 Rs 1,046
Sept 20 Rs 45,440 Rs 1,037.50
Sept 14 Rs 46,125 Rs 1,054.50
Sept 6 Rs 46,470 Rs 1,072
Source: Nepal Gold and Silver Dealers’ Association
Posted on: 2011-09-27 09:19
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