Gold, silver prices increase nearly 1pc

Gold and silver prices increased by Rs 500 and five rupees per tola, respectively — nearly one per cent, over the week between June 12 and 17. The precious metal is reverting to its safe-haven role, in a situation where eurozone government bonds are in negative yield territory, according to Reuters. Bullion price is expected to further rally in the international market ahead of the June 23 referendum when Britain will vote on whether to remain in the European Union or to leave as investors will use it as a hedge against various financial risks. The prices of the precious metals in the domestic market are governed by the rates set in the international market. Gold price came to the same level that it was two months back, according to the Federation of Nepal Gold and Silver Dealers’ Association. The market opened on Sunday with gold price fixed at Rs 56,100 per tola. Price of precious yellow metal increased by Rs 200 a tola on Monday and was traded at Rs 56,300 per tola. On Tuesday, gold price again surged by Rs 300 per tola to be traded at Rs 56,600 a tola and remained unchanged on Wednesday. Billion price continued its upswing on Thursday, rising by Rs 400 a tola to be fixed at Rs 57,000 per tola. Gold price, however, slumped by Rs 400 per tola to settle at Rs 56,600 a tola on Friday. Likewise, price of silver also increased by five rupees per tola during the six trading days of the review week. The market opened on Sunday with silver price fixed at Rs 790 per tola and the price remained similar till Tuesday. Price of the white metal increased by five rupees a tola to be traded at Rs 795 per tola on Wednesday. Silver price further shot up by Rs 10 per tola in a single day on Thursday and its market price was fixed at Rs 805 a tola. However, the price of silver fell by Rs 10 a tola on Friday to settle the week’s trading at Rs 795 per tola. Source: THT