Gold rose sharply by Rs 1,697 per tola (11.664 grams) and hit Rs 60,099 per tola in the local market after worries over US fiscal problems led global investors to switch to safer haven, buoying the prices of the yellow metal in the international market.[break]
Currency
Nepali rupee fell by Rs 1.23 (that is 1.43 percent) against a US dollar over the week. This rendered imports expensive, but raised receipts for exporters and remittance receivers. On Friday, a US dollar was exchanged at Rs 87.38.
Currency trading had opened Sunday with exchange rate of a US dollar set at Rs 86.15. But as debt crisis of Spain took the centre stage of the global economy, raising demand for dollar in India, rupee shed 25 paisa on Monday and fell further by Re 1 against a dollar on Tuesday. Rupee shed another 10 paisa on Wednesday. Though news of reelection of Barack Obama as the US president restored some confidence in the market, enabling rupee 60 paisa against a dollar on Thursday, rupee again shed 48 paisa when the market closed this week on Friday.
Likewise, rupee weakened by 41 paisa against a euro and 95 against a pound sterling over the week. A euro was exchanged at Rs 111.57 on Friday, while a pound sterling closed at Rs 139.60 this week.
Bullion
Gold became expensive by Rs 1,455 per 10 grams this week as its international price soared amid worries over US fiscal woes. The yellow metal was traded at Rs 51,525 per 10 grams (that is Rs 60,099 per tola) on Friday.
Bullion trading had opened this week with gold priced at Rs 50,070 per 10 grams on Sunday. Though the price remained unchanged on Monday, rise in its global demand caused gold prices to rally in the local market by Rs 515 per 10 grams on Tuesday and another Rs 600 per 10 grams on Wednesday. The yellow metal became further dearer by Rs 115 per 10 grams on Thursday and price rose by another Rs 225 per 10 grams when the market closed this week on Friday.
The price of silver also increased y Rs 38 per 10 grams over the week. On Friday, silver was traded at Rs 990 per 10 grams.
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