The precious yellow metal toppled after popping the price chart.
On Wednesday, the price of gold touched a historic high of 21,820 per 10 gram — Rs 25,450 per tola (11.664 gram) — in the domestic market. But, it climbed down on Thursday by Rs 115 to Rs 21,605.
It further plunged on Friday, the last trading day of the week in the domestic market to Rs 21,435 per 10 gram.
Fuelled by the global market the domestic market also remained unstable this entire week. However, it closed Rs 345 higher to Rs 21,435 from last week’s closing price of Rs 21,090.
“The sign of increasing output of oil has stabilised the gold market,” states Nepal Gold and Silver Dealers’ Association (NEGOSIDA). “Similarly, global share markets and American currency also showed a sign of improvement, stabilising the gold price,” it adds.
Gold opened at Rs 21,350 on Sunday, a rise by Rs 260 from last week’s closing and remained constant on Monday. On Tuesday, it flared by Rs 300 to Rs 21,650 and on Wednesday, it posted a historic high of Rs 21,820. But, the downswing began Thursday.
In the world market, gold touched $975 per ounce before cooling down. Silver upped seven rupees to Rs 391 from last week’s closing of Rs 384 per 10 gram.
Source: THT
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Sunday, July 20, 2008
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