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Bullion market goes into a bearish spiral
KATHMANDU, JUL 10 -
The Nepali bullion market witnessed a decline of Rs. 255 per 10 grams on the gold price last week.
The precious yellow metal which was priced at Rs. 30,350 per 10 grams on Sunday cost Rs. 30,095 on Friday.
However, on Monday the yellow metal touched the highest point
during the week, climbing up to
Rs. 30,435 per 10 grams.
The fluctuation in the international market has led to the fall in the gold price. The yellow metal, which was priced at US $1,212 on Sunday went down to US $1,196 on Friday.
Manik Ratna Shakya, general secretary of Nepal Gold and Silver Dealers’ Association, told the Post on Saturday: “Due to high returns in the US Treasury Bills and Bonds, US investors’ interest is currently shifted on them, as a result the price of gold lowered comparatively.”
Shakya added that the current weakness of the US dollar has also contributed to the precious metal’s price fall, which is, however, just “short term.”
Shakya, however, complained about the government restricted quota to import gold. Currently, only 20 kg of gold can be imported a day against the daily market requirement of 30 kg.
Silver also witnessed a decline of Rs. 7 per 10 grams in it’s price. The price of silver which was Rs. 480 per 10 grams on Sunday settled down at Rs. 473 per 10 grams on Friday.
Unlike gold, the silver price remained constant on Rs. 480 until Wednesday and started to decline on Thursday. On Thursday, silver lost Rs. 3 per 10 grams.
Posted on: 2010-07-11 09:26
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