Price of gold and silver experiences fluctuations throughout this week given instability of conflict in Middle East region

By Republica
Published: May 04, 2024 07:55 PM

KATHMANDU, May 4: The price of gold experienced fluctuation in the global market this week. On Friday, the price of gold surged by $13 to $2,316 per ounce.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of gold, which has been setting new records one after the other in the past, has been affected by the instability of the ongoing conflict in the Middle East.

However, analysts suggest that the stability in the Federal Reserve's policy, including fixed interest rates, has mitigated the extent of the price surge. Despite this stabilization, analysts predict a potential further increase in gold prices in the coming months.

The international gold market's trends are expected to influence Nepal's gold market, impacting domestic market prices. While gold prices soared to a record high of Rs 139,300 per tola in mid-April, there has been a gradual decline since then.

In the domestic market, the price of fine gold witnessed fluctuations throughout the week. Starting off with the price of Rs 137,600 per tola on Sunday, it slightly decreased by Tuesday before stabilizing. However, by Wednesday, the price dropped to Rs 134,500 per tola, only to rise again to Rs 136,500 per tola on Thursday. Finally, on Friday, fine gold was traded at Rs 135,400 per tola, reflecting a decrease of Rs 2,200 per tola compared to the beginning of the week.

Similarly, the price of silver also experienced a decline in the domestic market this week. The price of silver was fixed at Rs. 1,660 per tola on Sunday. It fluctuated throughout the week, ultimately settling at Rs 1,645 per tola on Friday. Overall, silver prices decreased by Rs 15 per tola during the week.

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