Gold price recorded a sharp jump, touching new high on Tuesday, but it dropped substantially over the last couple of trading days of the week. [break]
Currency
Nepali currency devalued by 61 paisa against a US dollar this week, rendering imports expensive, but cheering exporters and remittances receivers. A US dollar was exchanged at Rs 75.56 on Friday.
Nepal Rastra Bank, country´s monetary authority, had fixed the exchange rate of a dollar at Rs 74.95 on Sunday. As the greenback gained value against Indian currency, Nepali rupee shed 30 paisa overnight on Monday and further 50 paisa on Tuesday. But rupee started to recover, gaining 14 paisa on Wednesday and further 5 paisa on Thursday.
Nepali rupee, however, gained 95 paisa against a euro and 43 paisa against a pound sterling. On Friday, a euro was exchanged at Rs 90.36 and a pound sterling was valued Rs 109.24.
Bullion
The price of gold touched a new high yet again this week, but prices soon receded, making gold cheaper by Rs 4 per gram on Friday, compared to Sunday. On Friday, gold was traded at Rs 30,525 per 10 grams.
The market had opened this week with the yellow metal priced at Rs 30,565 per 10 grams on Sunday. As the international market turned volatile, gold price jumped Rs 215 overnight on Monday and further Rs 255 per 10 grams on Tuesday. But price dropped Rs 135 on Thursday and further went down by Rs 375 when the market closed on Friday.
The price of silver, on the other hand, jumped to Rs 478 per 10 grams on Friday.
As Nepal fulfills domestic demand of gold and silver through imports, any changes in their global prices directly impact the prices in the local market.
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