Gold price down Rs 1,115 per 10gm

 KATHMANDU, FEB 22 -

Prices of gold and silver declined in the local market on Thursday as an impact of the drop in the price in the international market. The precious yellow metal price came down by Rs 1,115 per 10 gm overnight, while silver lost Rs 26 per 10 gm.

On Thursday, gold was trading at Rs 47,755 per 10 gm (Rs 55,700 per tola) — down from Wednesday’s Rs 48,870 per 10 gm (Rs 57,000 per tola). Silver price dropped to Rs 917.50 per gm from Rs 891.50 per 10 gm.

On Wednesday too gold and silver prices were down Rs 170 and Rs 8.50 per 10 gm, respectively.

Bullion dealers attributed the decline in bullion prices to sluggish demand in the international market, where stockiests were selling gold to invest in the share market.

“Gold price has plunged by Rs 1,300 per tola (11.664 gm) overnight because of the freefall in the international market price,” said Tej Ratna Shakya, immediate past president of Nepal Gold and Silver Dealers’ Association (Negosida) that fixes price for the domestic market. According to Shakya, bullion prices are likely to decline for few more days in the domestic market.

In international market, gold price declined by $46 to $ 1,560 an ounce and silver by $1.10 to $28.40 an ounce on Thursday.

Shakya said the present market demand stands at 25 kg a day. On Nov 24 last year, the gold price had increased up to Rs 53,025 per 10 gm (Rs 61,850 per tola) on the strength of international gains and devaluation of the Nepali rupee. At that time, Silver price too had increased to Rs 1,050 per 10 gm.

Bullion Prices Compared

Date     Gold per 10gm    Silver per 10gm

Feb 21    Rs 47,755    Rs 891.50

Jan 21    Rs 50,240    Rs 973

Dec 21, 2012    Rs 50,000    Rs 943

Nov 24    Rs 53,025    Rs 1,050

Nov 21    Rs 52,125    Rs 1,020

Oct 19     Rs 50,970     Rs 986

Sept 21    Rs 52,300    Rs 1,037

Source: The Kathmandu Post