Silver touches new high in domestic market

REPUBLICA
KATHMANDU, Oct 8: In line with the mounting bullion prices in international market, price of silver touched a new high in domestic market on Thursday.
Nepal Gold and Silver Dealers Association (NEGOSIDA) said the price of silver rose to Rs 441.50 per 10 grams on Thursday. Silver was priced at Rs 433 per 10 grams on Wednesday.
“Earlier, silver had hit a record high of Rs 437 per 10 gram before the Dashain festival. Bullion prices have been rallying in the last few days as people have been buying precious metals as hedge investment,” said Tej Ratna Shakya, president, NEGOSIDA. He further added that depreciation of dollar against rupees, however, prevented rise in price of gold and silver in domestic market as per the international prices.
Shakya said sales of sliver have nosedived in domestic market due to high prices, despite the festive season when customers buy goods made from silver. “Silver sales have dropped by almost 50 percent as customers are showing less interest to buy silver goods due to soaring prices in the past few days,” Shakya informed.
According to traders, sales of sliver in domestic market hover around 100 kg per day on normal days. Nepal mostly imports silver from the United Arab Emirates, Australia and Hong Kong.