-  Monday 28 September 2020

Gold prices fluctuate

KATHMANDU, Jan 14 - Prices of gold in the local market fluctuated in between Rs 12,520 and Rs 12,600 level to finally close at Rs 12,580 per ten gram on Friday.
Statistics of Nepal Gold and Silver Dealers Association (NGSDA) show that bullion prices which had opened at Rs 12,520 on Sunday had increased to Rs 12,570 on Monday. Even though the prices remained static till Wednesday, it witnessed an increment of Rs 30 on Thursday. However, by the time markets closed for the week on Friday the prices had come down to Rs 12,580.

Although bullion prices had declined to Rs 12,110 in the first week of January, from an all time high of Rs 12,800 recorded in mid-December, prices have started moving up in  recent days due mainly to international reasons.

NGSDA has reported that prices of gold in the international market, which stood at US$ 525 per troy ounce until last week, had increased by US$ 21 to touch a 25-year high of US$ 546.

According to international news agencies, the price rally in the international market is mainly driven by investors' and money managers' shift in focus from currencies, bonds and equities towards commodities such as gold.

"Against the backdrop where the US currency is continuously losing ground and oil prices are showing no signs of reducing, investors have started believing that no other investment tool can yield them as much profit as gold," agencies said. "And these speculations are playing a major role in further lifting the prices of gold."

Furthermore, gold mine production is also stagnating. South Africa, the largest gold producer of the world, has reported an 11 percent decline in production last month, which suggests probability of demand-supply mismatch.

Based on these evaluations, the UK-based consultant, TheBullionDesk.com has forecast the average price of gold for 2006 at US$ 618 a troy ounce - with a high of US$ 760 an ounce, and a low of US$ 520.75.



ma ali confuse bhaye ahile 2064 ho ki 2065 ho bhanera kripaya bhanidinu
ruja sharma nepal

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