Gold price hit a new high, touching Rs 57,247 per tola (11.664 grams) over the week after data on slowed US recovery drove its prices upward in the international market.[break]
Currency
Nepali rupee fell by 52 paisa against a US dollar over the week, rendering imports expensive, but raising income of remittances receivers as well as exporters. On Friday, a dollar was valued Rs 89.52.
Nepal Rastra Bank (NRB), country´s monetary authority, had opened the trading Sunday with exchange rate of dollar set at Rs 89. Though rupee gained a paisa on Monday, it slid by 51 paisa on Tuesday and further 20 paisa on Wednesday. Though rupee gained 50 paisa overnight on Thursday, it again dropped 32 paisa against a dollar when the market closed this week on Friday.
Likewise, rupee weakened by Rs 1.18 against a euro and Rs 1.19 against a pound sterling over the week. A euro was valued Rs 112.40, while a pound sterling was exchanged at Rs 138.66 on Friday.
Bullion
Gold became expensive by Rs 810 per 10 grams and hit a new high over the week as rise in its international prices as well as weakening of rupee vis-à-vis dollar raised its import cost. On Friday, gold was traded at Rs 49,080 per 10 grams.
Bullion trading had opened this week with the yellow metal priced at Rs 48,270 per 10 grams on Sunday. Though the price remained unchanged on Monday, it rapidly went up over the following trading days as news of slowed US recovery triggered a rise in demand for safer haven. As a result, consumers found yellow metal becoming dearer by Rs 300 per 10 grams on Tuesday and another Rs 255 per 10 grams on Wednesday. Gold further became expensive by Rs 215 and hit a new high of Rs 49,040 per 10 grams on Thursday. The price again jumped to a new high after gold gained another Rs 40 per ten grams on Friday, when the market closed this week.
The price of silver also went up by Rs 13 per 10 grams this week. On Friday, silver was traded at Rs 909 per 10 grams.
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