Nepal gold eases from record high, silver steady
Nepal gold prices dropped sharply Thursday from an overall high two days ago while silver remained unchanged.
According to Nepal Gold and Silver Dealers’ Association (NGSDA), gold price decreased to NR 50,000 per tola (11.664 gram) on Thursday.
Price of silver remained near the record high of NR.1,265 ($18) per tola. Nepal market has been experiencing fluctuation in the price of the gold and silver following the rise and fall in their prices in the international market.
The yellow metal which hit the record high of NR 53,900 on Tuesday in the domestic market was decreased by NR 1500 per tola on Wednesday and NR 2,400 per tola on Thursday.
As Nepal fulfills gold demand through imports, any change in price in international bullion market directly affects prices in the domestic market.
Gold has been moving into uncharted territory in recent weeks as persistent worries about global economic growth continue to burnish the yellow metals safe-haven appeal.
Earlier in the week, prices of gold reached an all-time highs as the season of feast and festival rapidly approached.
Breaking all trading records, gold soared by NR 1,000 rupees in a single day and reached NR 53,400 ($723) per 11.664 grams (tola), a traditional South Asian measurement of gold trading.
Gold is a popular metal in Nepal, mostly used in marriage ceremonies, feasts, festivals and other social occasions. Women use the precious metal as personal ornamentation in their ears, nose, on their fingers and other parts of the body.
- Gold futures climbed Wednesday - May 9th, 2013
- Gold price in Hong Kong went up 122 HK dollars per tael on Thursday - May 9th, 2013
- BullionVault's Gold Investor Index climbed to a 16-month high - May 9th, 2013
- Gold to extend gain to $1,504-technicals - April 26th, 2013
- U.S. Mint suspends American Eagle gold bullion coins sales after demand surge - April 25th, 2013
- Is gold's price drop just the beginning? - April 25th, 2013
- Gold’s Declining Price Is a Reversion to the Mean - April 25th, 2013
- Gold prices maintained an upward trend for the fourth-straight day to Rs 27,600 per 10 grams - April 25th, 2013